U.S. Representatives Jared Polis (D-CO) and David Schweikert (R-AZ) have introduced the Cryptocurrency Tax Fairness Act of 2017 (H.R.3708). The draft bill would create a tax structure for taxing purchases made with virtual currency, such as Bitcoin and Ethereum, which would allow consumers to make purchases with virtual currency up to USD 600 without reporting requirements. In particular, the draft legislation provides that gross income shall not include gain from the sale or exchange (not exceeding USD 600) of virtual currency for other than cash or cash equivalents. Under current rules, virtual currency is treated as property for federal tax...