The coin market has been yearning for relief from the thwarts of the bears. Now sees a glimmer of hope, as the space comes across bills and other events that have been attempting to uplift the market. Which in turn has been instilling faith and optimism amongst crypto folks and the industry in general.
Successively, the sentiment-driven industry has come across another bill, which has been introduced to the U.S Congress. That would remove crypto tax from transactions accounting for $200 or less. Crypto folks have taken the bill sportingly, owing to the potential it holds to influx investors. And the possibility of the government getting friendlier with the asset class.
Will This Bill Bring In Golden Days For The Crypto Industry?
The crypto industry has been gradually climbing the stairs towards the bulls. However, the business still falls short by close to $1.3 T for its $3 T milestone. As the current market cap hovers with numbers around $1.8 T. In order to claim the feat, the industry would need major impetus. Consecutively, the recent bills surfacing are creating a positive atmosphere.
A recent bill cited as the “Virtual Currency Tax Fairness Act of 2022” is introduced to the U.S Congress. The bill would amend the Internal Revenue Code of 1986 to exclude from gross income gains. Coming from the disposition of virtual currency in a personal transaction. The bill would seize powers from the Internal Revenue Service from taxing to pay capital gains from crypto transactions of $200 or less.
The bill also cites that, the term “virtual currency” means a digital representation of value. That is used as a medium of exchange and not otherwise a currency as per section “988”. The amendments made by the bill would be effective on transactions entered into after December 31st, 2022. While the numbers seem small it is a welcoming move, as baby steps if compounded would bring virtues.
The recent move would be beneficial to novices who have been learning the game, to smaller retailers who invest in smaller proportions. And to investors who have been seeking to venture into the business. An overwhelming influx of investors would bring much-needed relief.
Summing up, the views of the FED and America Competes bill have hampered the faith in the business. As the turmoil over regulatory clarity persists alongside the split of interests amongst government entities. Although nothing concrete exists, the current bill apace with the draft discussion bill would be lordly for the crypto business.
Moreover, considering the number of investors, inflation, and other factors. The nation would not want to be left behind with revolutionary innovation and technology. In addition, more such firm and positive steps would eventually lay the foundation for a run towards $3 T and beyond.
Source: https://coinpedia.org/news/will-this-new-bill-help-the-crypto-industry-reinstate/