Senator Pat J. Toomey (R-PA) and Senator Kyrsten Sinema (D-AZ) introduced the Virtual Currency Tax Fairness Act, which would exempt small virtual currency transactions from capital gains taxes.
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In recent analysis, Fried Frank Partner Jason Schwartz discussed U.S. taxpayers' tax considerations for art NFT investors.
In recent analysis, Fried Frank Partner Jason Schwartz discussed the core DeFi activity staking and the lack of formal guidance on how staking rewards are taxed in the United States.
New York Attorney General Letitia James warned cryptocurrency investors to make sure they are complying with all applicable tax laws associated with their investment in virtual assets.
President Joseph R. Biden signed an "Executive Order on Ensuring Responsible Development of Digital Assets," which outlined a "first ever, whole-of-government approach" to address the risks and potential benefits of digital assets.