HOUSE 1628117th CongressReferred 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.
Token Taxonomy Act of 2021
- Last Action
- 3/8/2021
Actions
- 2021-03-08Referred 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.
- 2021-03-08Referred 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.
- 2021-03-08Introduced in House
- 2021-03-08Introduced in House
CRS Summary
As of 2021-03-08 (00)
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.
Cosponsors (6)
- Darren Soto (D-FL)
- Ted Budd (R-NC)
- Josh Gottheimer (D-NJ)
- Scott Perry (R-PA)
- Eric Swalwell (D-CA)
- John Rose (R-TN)
Subjects
- 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 Trade Commission (FTC)
- Federal preemption
- Financial services and investments
- Fraud offenses and financial crimes
- Income tax exclusion
- Securities
- State and local government operations
- Tax administration and collection, taxpayers
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.