Token Taxonomy Act of 2021

Bill Number

HR 1628

Introduced

Mar 8, 2021

Latest Action

Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be ...

Sponsor

Cosponsors

Topics

Administrative law and regulatory procedures Banking and financial institutions regulation Capital gains tax Computers and information technology Currency Digital media Employee benefits and pensions Federal preemption Federal Trade Commission (FTC) Finance and Financial Sector Financial services and investments Fraud offenses and financial crimes Income tax exclusion Securities State and local government operations Tax administration and collection, taxpayers

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Votes

Summary

Token Taxonomy Act of 2021

This bill specifies that digital tokens, such as those used in virtual currencies, are not securities for regulatory purposes. The bill also provides for the tax treatment of virtual currencies, including by excluding from gross income any gains from virtual currency transactions up to $600, retroactive to January 1, 2021.

Actions

Mar 8, 2021

Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Mar 8, 2021

Introduced in House

Amendments

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