THE US TOKEN TAXONOMY ACT WILL NOT TAX TRANSACTIONS FOR LESS THAN $ 600
The Token Taxonomy Act (TTA) implies tax exemption for cryptocurrency transactions of less than $600, Jerry Brito said.
Speaking at the Consensus conference, the director of the non-commercial research and legal center for cryptocurrency, Coin Center, said that the law provides for changes in the tax base – this is an exception for some operations in cryptocurrency.
So, if the owner of cryptocurrency receives income from operations less than $ 600, he is not obliged to report profits to the US Tax Service (IRS).
Brito noted that regulators may require information on capital gains when using cryptocurrencies to purchase low-cost items, such as a laptop, plane tickets, or even entering into a contract using a smart contract.
The Token Taxonomy Act (TTA) was introduced in December by congressmen Warren Davidson and Darren Soto to give citizens the opportunity to freely participate in cryptocurrency markets using the token classification.
The adoption of the law will exclude cryptocurrency from classification as a security, respectively, they will no longer be under the supervision of the Securities and Exchange Commission (SEC), which regulates their use. TTA will also separate the jurisdiction of the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC).