[2019-01-07] CONFIRMED: US Congress members to submit major pro-crypto bill...

[CryptoPressAssociation]

Exclusive: US Congress members to submit major pro-cryptocurrency bill - early support coming from both parties...

I have now confirmed that the Token Taxonomy Act is on the verge of being introduced in the House, where it will soon begin the process of becoming law. The bill's original authors, Congressmen Warren Davidson (Republican, Ohio) along with Darren Soto (Democrat, Florida) are working together to give it a bipartisan introduction.

Speaking directly with Michael Hiles, Congressman Davidson's adviser on the issue and CEO of blockchain solutions company 10XTS, I was able to confirm a target date of February 14th (Valentines day) for the bill to be officially introduced...

Full report: http://www.globalcryptopress.com/2019/01/exclusive-members-of-us-congress-from.html "

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[squatter]

Exclusive: US Congress members to submit major pro-cryptocurrency bill - early support coming from both parties...

I have now confirmed that the Token Taxonomy Act is on the verge of being introduced in the House, where it will soon begin the process of becoming law. The bill's original authors, Congressmen Warren Davidson (Republican, Ohio) along with Darren Soto (Democrat, Florida) are working together to give it a bipartisan introduction.

This is old news. The bill was introduced December 20th, over a month ago. I'm not sure how good its prospects are -- neither Congressman is very influential. But the spirit of the bill is definitely pro-cryptocurrency and in favor of more lax regulations. They want to exempt cryptocurrencies and tokens from the Securities Act and make a $600 de minimis tax exemption for gains realized by spending coins. They also want to establish like-kind exchange tax exemptions for cryptocurrencies, which would mean altcoin trading won't trigger taxable events. This is the summary:

To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for another, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.

[chaoscoinz]

Exclusive: US Congress members to submit major pro-cryptocurrency bill - early support coming from both parties...

I have now confirmed that the Token Taxonomy Act is on the verge of being introduced in the House, where it will soon begin the process of becoming law. The bill's original authors, Congressmen Warren Davidson (Republican, Ohio) along with Darren Soto (Democrat, Florida) are working together to give it a bipartisan introduction.

This is old news. The bill was introduced December 20th, over a month ago. I'm not sure how good its prospects are -- neither Congressman is very influential. But the spirit of the bill is definitely pro-cryptocurrency and in favor of more lax regulations. They want to exempt cryptocurrencies and tokens from the Securities Act and make a $600 de minimis tax exemption for gains realized by spending coins. They also want to establish like-kind exchange tax exemptions for cryptocurrencies, which would mean altcoin trading won't trigger taxable events. This is the summary:

To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for another, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.

Thank you for clarifying this for me, as I have been reading up on these two bills, but I didn't truly understand exactly how far-reaching it's implications would be. It does sound very pro-crypto. If neither the two pass, I'm sure another revamped revision of the act will be created to address whatever isn't found approvable.

[Kakmakr]

The Trump administration are definitely more pro Bitcoin than the previous administration and we are seeing more and more good vibes coming from them. The US government is one of the pillars of the global economy and positive regulations towards Crypto currencies from them will have a positive influence on other smaller countries.

They used to say, if the US sneeze, the rest of the world gets the flu, but I think China are taking on that role now.   Let's just hope that Trump and his administration survives the next elections, because that could change everything.   << I am not a Trump supporter, but I like the way in which they are handling the Crypto currency issue. >>

[manfredmann]

This is just a start of something good for cryptocurrency. As we all know that the current market is considered as bear market to which bitcoin market price reaches below 4K USD. This some investors are positive that one day bitcoin could be able to recover and because of the news and support from the government it could make a way for it.

[squatter]

The Trump administration are definitely more pro Bitcoin than the previous administration and we are seeing more and more good vibes coming from them. The US government is one of the pillars of the global economy and positive regulations towards Crypto currencies from them will have a positive influence on other smaller countries.

They used to say, if the US sneeze, the rest of the world gets the flu, but I think China are taking on that role now.   Let's just hope that Trump and his administration survives the next elections, because that could change everything.   << I am not a Trump supporter, but I like the way in which they are handling the Crypto currency issue. >>

Trump is a one-term president if I ever saw one.

This isn't coming from the Trump administration anyway. The bill's being brought forward by two Congressmen as a bipartisan effort. IIRC, the last time the de minimis tax exemption was put in a bill, it got shot down pretty quickly, so I don't have the highest hopes. If it did pass, it'd be great news. This bill is about as good as it gets -- it's a hands-off approach with good tax policies and exemption from securities laws.

[btyco]

Trump surprised us all last time, no-one thought he would win last time and it turned into a landslide victory. He could be back in the office again and he hasn't clamped down on crypto (or done anything positive) so there is still hope for positive crypto bills

[rodskee]

Exclusive: US Congress members to submit major pro-cryptocurrency bill - early support coming from both parties...

I have now confirmed that the Token Taxonomy Act is on the verge of being introduced in the House, where it will soon begin the process of becoming law. The bill's original authors, Congressmen Warren Davidson (Republican, Ohio) along with Darren Soto (Democrat, Florida) are working together to give it a bipartisan introduction.

This is old news. The bill was introduced December 20th, over a month ago. I'm not sure how good its prospects are -- neither Congressman is very influential. But the spirit of the bill is definitely pro-cryptocurrency and in favor of more lax regulations. They want to exempt cryptocurrencies and tokens from the Securities Act and make a $600 de minimis tax exemption for gains realized by spending coins. They also want to establish like-kind exchange tax exemptions for cryptocurrencies, which would mean altcoin trading won't trigger taxable events. This is the summary:

To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for another, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.

this is good news i missed this good news it's very interesting hoping this can help for crypto currency economic crisis and also this news can help the way for ETF approval by the support of trump admistration.

[CryptoBry]

The Trump administration are definitely more pro Bitcoin than the previous administration and we are seeing more and more good vibes coming from them. The US government is one of the pillars of the global economy and positive regulations towards Crypto currencies from them will have a positive influence on other smaller countries.

They used to say, if the US sneeze, the rest of the world gets the flu, but I think China are taking on that role now.   Let's just hope that Trump and his administration survives the next elections, because that could change everything.   << I am not a Trump supporter, but I like the way in which they are handling the Crypto currency issue. >>

Well, let's hope that whoever will be succeeding Donald Trump in the White House will also be expressing some good interest with cryptocurrency and its implication to the US and global economy. While there can be small chance for his reelection, miracle can happen just like what transpired in the last presidential election. On that bill, let's hope that it can gathered strong support from both side of the isles as this can be more pro-crypto and can be helping the fledgling industry move forward especially in the big USA market.