I guess this should be pretty great news for penny crypto investors in the USA. While $50 may be considered as a very little amount to start investing in crypto with, there are still so many coins that price below this. Coins like XRP, ADA, SHIB, HOT, TOKLOK, MATIC, REEF etc are some coins that could be picked with a $50 investment budget.
Senators Pat Toomey and Kyrsten Sinema are introducing a bill aimed to streamline crypto in small transactions.The bill which is called "Virtual Currency Tax Fairness Act" would spare crypto users from reporting personal transactions as taxable events.
The bill would apply to transactions valued at less than $50, with a provision to adjust that benchmark alongside inflation. It also avoids applying to trades between crypto and a fiat currency, as well as "all sales or exchanges which are part of the same transaction (or a series of related transactions) shall be treated as one sale or exchange." I however feel that the benchmarked amount of $50 dollars is low. This exemption may end up covering less than 2% of all crypto investors
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