The crypto transaction bill being pushed through by Cynthia Lummis makes bitcoin transactions less than $600 no longer subject to capital gains tax reporting in the US.

If this bill passes think about how that will change behaviour. You can sell your btc in bulk through exchanges and pay CGT, or you can spend your bitcoin at mcdonalds and walmart when you go shopping and pay zero tax.

This is a pretty big deal. It will lead to a huge chunk of bitcoiners moving away from exchanges and just spending their btc whenever they need to.

This would change behaviour immensely by financially incentivising people to move away from treating bitcoin as an investment on an exchnage to actually spending it as money.

Big big deal for the US if this bill passes IMO.

Submitted April 13, 2022 at 03:04AM by slvbtc https://ift.tt/1mq8E72