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Regulatory Series on Cryptocurrencies: US Presidential Candidate Tulsi Gabbard on Token Taxonomy Act
This write-up emphasizes the characteristics of the cryptocurrencies that are being distinguished as securities, and the reintroduction of the Token Taxonomy Act in the United States House of Representatives.
Yes, the US legislators’ reintroduction of ‘Token Taxonomy Act’ to exclude crypto from securities laws has been buzzing news as we are nearing the US-tax filing deadline (April 15th).
Warren Davidson, perhaps crypto’s best friend in Congress, reintroduces the Token Taxonomy Act. The act was originally proposed by representative Warren Davidson (R), the Token Taxonomy Act amends the Securities Act of 1933 and the Securities Act of 1934, thereby eliminating the cryptocurrencies from the umbrella of securities.
The U.S. SEC’s meticulous approach on the crypto regulation has prolonged while having embraced the crypto-markets even while fighting to fend off fraud. We kept reiterating on the U.S. SEC’s eagle eye on the ICO tokens and crypto regulation amid various crypto scams and scandals.
Now, the bill provides tax exemptions for the exchange of one cryptocurrency to another, that in turn bring in a paradigm shift in the sentiments among the American crypto users. In case of exchange of crypto for anything besides cash, such transaction is not to be treated as a taxable circumstance.
The Democrat Tulsi Gabbard who happens to be the US-presidential candidate backs the plans of reintroduction bill to exempt tokens from the US-SEC.
While the computation of taxable income, the gain from the proceeds or exchange of cryptocurrency (as defined under section 408(m)) for other than cash or cash equivalents shall not be considered.
Apparently, any Bitcoin transaction that fetches the negligible value, one is not obliged to pay additional taxes pertaining to the realization of the value of the cryptocurrency. Gabbard is intending for nomination filing from the Democratic party for the 2020 US presidential polls. She had expressed her interests in cryptos back in 2018, eventually, she disclosed her crypto investments as well.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -165 levels (which is bearish), while hourly NZD spot index was at -70 (bearish) while articulating (at 08:41 GMT).
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