North Carolina’s Rep. Ted Budd (R) has reintroduced the Virtual Value Tax Fix Act in the U.S. House of Representatives. The bill was first presented on July 25 and seeks to amend the Internal Revenue Code passed in 1986. This bill intends to stop the double taxation on cryptocurrencies, and is one that Budd claims is “a matter of national security.” According to the International Revenue Code of 1986, trading one cryptocurrency for another is taxable, something critics call a ‘double tax.’ The bill proposed by Budd would treat crypto-for-crypto trades the same way the exchange of property is treated under the law. In ... (full story)