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US Lawmakers look to change SEC's 72-year-old securities definition to exclude cryptocurrencies

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Fantastic news.

From the article: “It shows that there’s momentum on both sides,” Smith said. “There’s interest among bipartisan members, and lays groundwork for the next Congress.”

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This is great news.  Can anyone clarify approximately how long from introduction of the bill to law takes?  Also, what Does this mean?

“Thursday’s bill also directs the SEC to adjust taxation of virtual currencies...to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency.”

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11 minutes ago, aavkk said:

This is great news.  Can anyone clarify approximately how long from introduction of the bill to law takes?  Also, what Does this mean?

“Thursday’s bill also directs the SEC to adjust taxation of virtual currencies...to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency.”

...or, as I understand it, at a capital gains rate in the US and not as ordinary income?

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Thursday's bill also directs the IRS to adjust taxation of virtual currencies, create a tax exemption for exchanges of one virtual currency for another and to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency.

Bea-ti-ful! Bring it on!

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Finally a sign as to where things are headed something more than utter silence, I think the U.S is coming to realize that we were getting left behind in this race and if we want to be the so called leaders we have to move faster.  The implications of being left behind are potentially to costly to let it happen.

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