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. https://www.congress.gov/117/bills/hr6582/BILLS-117hr6582ih.pdf

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 congress.gov at this time. Watch this Fox news broadcast shared by Senator Toomey.