Hi @neil-rothbard..... Thanks for your advice...... but let me clarify this.

This Cryptocurrency Tax Fairness Act " appears for this reason :

“IT PROPOSES POLICYMAKERS TO COMBINE THE LOW TAX RATES OF A CAPITAL GAINS TAX WITH A DE MINIMUS EXEMPTION FOR TRANSACTIONS UNDER SOME NOMINAL AMOUNT”

People use bitcoins/cryptos for their daily transactions. Please take a big note on that ! So ask yourself, instead of using his FIAT currency, how many times Warren Buffer use his asset/property to buy SMALL things such buying books at dept store, buy a cup of coffee, buy his household needs and other daily expenses that could be thousands of transactions yearly ?

Transaction as a property/asset would create a huge headache for large swathes of cryptocurrency users that make many many regular SMALL transactions. Capital gains taxes work by calculating the difference in price between the time of purchase and time of sale, and taxing that amount.

If bitcoins were taxed as a property, these casual users would be placed in the same tax category as serious monetary speculators, complete with the burden of tracking and calculating substantial price fluctuations between their transactions. Users would then need to adequately document these price changes, prove they had been purchased and sold for the equivalent value in U.S. dollars on the dates claimed, and pay the subsequent tax on the capital gain for each transaction. (Although, there would be somewhat of a huge price decrease in that capital losses could at least be deducted from income tax season).

This situation is clearly unsustainable. It requires well-meaning yet understandably overwhelmed cryptocurrency users to comply with a massive reporting burden. It is not hard to see how one could “honestly make mistakes” reporting their cryptocurrency tax obligations, leading to potential punishment and fines.

If this CTFA passed, it would establish a de minimus tax exemption for all cryptocurrency transactions under $600 at the same time it gives a low tax rate of capital gains . This would allow everyday users of cryptocurrency to enjoy financial freedom without having the extreme burden of tracking and documenting all of their minor transactions !