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Later in the hearing, both Williams and Brito voiced support for the IRS decision to designate virtual currencies as a type of property for tax treatment.
Brito noted that the IRS looked at the characteristics of bitcoin and judged it as more of a commodity compared to a currency. Looking ahead, he suggested that Congress and federal regulators could create a special tax category for virtual currencies that takes into consideration the extraordinary aspects of bitcoin.
Adam White, Director of Business Development and sales at Coinbase, and L. Michael Couvillion, Associate Professor of Economics at Plymouth State University’s College of Business Administration, also addressed the committee.
Video of hearings at link above...
Congress is investigating benefits of bitcoin? DANGER WILL ROBINSON, Total bs. Congress will be investigating how to get their grubby little fingers regulating and taxing bitcoin. Even cash you can hide transactions. Bitcoins eventually have to go through the NSA monitored internet.