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Senate Bill Would Make Purchases Under $50 Dollars Tax Exempt Using Litecoin

Now the senate is looking to introduce a bill similar to the one proposed by the house that would exempt taxes on small transactions using virtual currencies like Litecoin. This one would be smaller at $50 or less versus the $200 presented in the February 2022 bill.

Senator Pat Toomey from Pennsylvania, who also happens to be the top Republican on the Senate Banking Committee has joined Senator Kyrsten Sinema to exempt transactions of less than $50 using virtual currencies. The bill has yet to be released on at this time. Watch this Fox news broadcast shared by Senator Toomey.


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