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Crypto Ease: New Tax and Legal Rules for Digital Assets

This bill aims to simplify cryptocurrency transactions by changing their legal status and introducing new tax rules. This could make investing in digital assets easier and more accessible for citizens, and also provide tax relief in certain situations.
Key points
Cryptocurrencies will not be treated as securities, potentially simplifying trading and reducing regulatory requirements.
Ability to invest in cryptocurrencies through Individual Retirement Accounts (IRAs).
Introduction of a tax exemption for exchanging one virtual currency for another.
Tax exemption for small gains (up to $600) from selling virtual currency, if not exchanged for cash.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_1628
Sponsor: Rep. Davidson, Warren [R-OH-8]
Process start date: 2021-03-08
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Token Taxonomy Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1628.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-08.

What are the main provisions?

Key points include:

  • Cryptocurrencies will not be treated as securities, potentially simplifying trading and reducing regulatory requirements.
  • Ability to invest in cryptocurrencies through Individual Retirement Accounts (IRAs).
  • Introduction of a tax exemption for exchanging one virtual currency for another.
  • Tax exemption for small gains (up to $600) from selling virtual currency, if not exchanged for cash.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Davidson, Warren [R-OH-8].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Economy