Thanks for the article. I am sure everyone is looking forward to some relief for smaller transactions, especially as more common vendors begin accepting Bitcoin as a form of payment for goods.

What would be great if this relief could be used on a transaction by transaction basis! I am unclear on the exact mechanics of the proposed law, as I have not dived into legislation in full force (so much ground to cover on existing law).

Foreign currency transactions have de minimis rules which are not as generous as a potential $600 (it's $200 gain relief for foreign currency). Although, I wonder, is it $600 of crypto gain excluded, or $600 dollar value of the transaction...makes a difference!

The tricky double edged sword that doesn't make the headlines, in the world of foreign currency, if an individual is exchanging USD for Euro for personal use, and actually has a loss instead of a gain at the end, it is possible the loss may not be deductible. Something to watch out for in the future.