Bill Sponsor
House Bill 1628
117th Congress(2021-2022)
Token Taxonomy Act of 2021
Introduced
Introduced
Introduced in House on Mar 8, 2021
Overview
Text
Introduced
Mar 8, 2021
Latest Action
Mar 8, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1628
Congress
117
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
California
Democrat
New Jersey
Republican
North Carolina
Republican
Pennsylvania
Republican
Tennessee
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Token Taxonomy Act of 2021

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, retroactive to January 1, 2021.

Text (1)
March 8, 2021
Actions (2)
03/08/2021
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.
03/08/2021
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:48:25 PM