Warren Davidson Calls for Abolition of Cryptocurrency Taxation

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Warren Davidson Calls for Abolition of Cryptocurrency Taxation

U.S. Congressman Warren Davidson shared his stance on cryptocurrency taxation during his address to the Budget Committee in the House of Representatives. This information was reported by FOX Business journalist Eleanor Terrett.

🚨NEW: In his remote address to the @wef just now, @realDonaldTrump said unleashing U.S. energy will make America the world capital of #AI and #crypto.

“The United States has the largest amount of oil and gas of any country on Earth, and we're going to use it. Not only will this…

— Eleanor Terrett (@EleanorTerrett) January 23, 2025

As Terrett highlighted, the official proposed repealing the tax initiatives introduced by the Biden administration regarding cryptocurrencies. She also noted that the Budget Committee is working on drafting the relevant tax legislation.

“Davidson has been an advocate for clearer reporting standards for digital assets and used his time at today’s hearing to discuss repealing Biden’s cryptocurrency tax requirements,” the journalist added.

In October 2024, Ohio State Senator Niraj Antani proposed a bill requiring the state and its local governments to accept cryptocurrencies for the payment of state and local taxes and fees. In the same month, the Federal Reserve Bank of the United States proposed a ban on Bitcoin or the imposition of taxes on it. It is also worth recalling that earlier, Eleanor Terrett reported on plans by the U.S. Senate Banking Committee to create a subcommittee that would address cryptocurrency issues.