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This month a bill was introduced in Congress that would create a de minimis exemption for low value cryptocurrency transactions in day-to-day use. The Virtual Currency Tax Fairness Act of 2020 (previously known as the Cryptocurrency Tax Fairness Act) is back.

Spending Bitcoin and other cryptocurrencies works similarly to spending foreign currencies, but they aren't classified as such by the IRS. They fall into a gray area that results in users having to do complicated capital gains reporting whenever they spend even the tiniest fraction of a cent using this technology. That's a huge problem. Coin Center has been pointing it out and advocating in Congress for a fix for years. Now we are one step closer.

Read more: The Cryptocurrency Tax Fairness Act has been re-introduced

After being silent for years on open cryptocurrency questions, the IRS released long awaited additional guidance on cryptocurrencies late last year. Unfortunately, it was muddled, messy, and raised more questions than answers. Now eight members of Congress, with Coin Center's help, have sent a letter to the agency asking for better answers to existing and newly opened questions.

Read more: Eight members of Congress have asked the IRS to fix its broken guidance on forks and airdrops

Speaking of taxes, our friends and supporters at crypto tax software provider Lukka have kindly offered to donate 10% of the sign up fees from new users who use this link:

Switching gears, Jerry Brito and Peter Van Valkenburgh appeared together on the What Bitcoin Did podcast. This was part of a beginners guide to Bitcoin, which gave them an opportunity to give a basic overview of the entire regulatory landscape for these technologies. The podcast is an excellent primer or catch-up for anyone who has not been focusing on the state of cryptopolicy. Find listening options here.

Finally, Tickets to the Coin Center Annual Dinner 2020 are now on sale! Join us once again for a gala affair in support of our policy advocacy mission. May 11 in New York City, after the first night of Consensus 2020. Get your tickets here. And contact for table sponsorships.

If you like our open blockchain policy updates please consider forwarding this to a colleague.

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