Prominent US senators are trying to free Americans from having to track taxes every time cryptocurrencies change hands, introducing a bill that would exempt them from reporting any transactions up to $50 or any transactions in which they earn less than $50. Sen. Patrick Toomey (R-Pa.) joined Kyrsten Sinema (D-Arizona) in pushing for exemption from tax requirements for crypto users making small investments or purchases. Their Virtual Currency Tax Fairness Act matches a similar effort previously introduced in the House of Representatives. The idea of eliminating low-level transactions from tax worries has also surfaced elsewhere, including in a more comprehensive bill introduced this year by Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (DN.Y.) “While digital currencies have the potential to become a mainstream part of everyday American life, our current tax code stands in the way,” Toomey said. withdraw from the Senate at the end of this session.