To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for another, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.
USA115th CongressHR-7356| House
| Updated: 12/20/2018
Warren Davidson
Republican Representative
Ohio
Cosponsors (1)
Ways and Means Committee, Financial Services Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Token Taxonomy Act This bill specifies that digital tokens, such as those used in virtual currencies, are not securities for regulatory purposes. The bill also provides for the tax treatment of virtual currencies, including by excluding from gross income any gains from virtual currency transactions up to $600.
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Timeline
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Finance and Financial Sector
Administrative law and regulatory proceduresBanking and financial institutions regulationCapital gains taxComputers and information technologyCurrencyDigital mediaEmployee benefits and pensionsFederal preemptionFederal Trade Commission (FTC)Financial services and investmentsFraud offenses and financial crimesIncome tax exclusionSecuritiesState and local government operationsTax administration and collection, taxpayers
To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for another, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.
USA115th CongressHR-7356| House
| Updated: 12/20/2018
Token Taxonomy Act This bill specifies that digital tokens, such as those used in virtual currencies, are not securities for regulatory purposes. The bill also provides for the tax treatment of virtual currencies, including by excluding from gross income any gains from virtual currency transactions up to $600.
View Full TextSuggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Warren Davidson
Republican Representative
Ohio
Cosponsors (1)
Ways and Means Committee, Financial Services Committee
Finance and Financial Sector
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Administrative law and regulatory proceduresBanking and financial institutions regulationCapital gains taxComputers and information technologyCurrencyDigital mediaEmployee benefits and pensionsFederal preemptionFederal Trade Commission (FTC)Financial services and investmentsFraud offenses and financial crimesIncome tax exclusionSecuritiesState and local government operationsTax administration and collection, taxpayers