Gate News, April 14—U.S. Representatives Steven Horsford and Max Miller have reintroduced the Digital Assets Protection, Regulation, Innovation, Taxation, and Revenue Act (PARITY Act), aiming to revise the way the U.S. Internal Revenue Service (IRS) handles crypto taxation. The bill was first released in December last year as a discussion draft and was reissued on March 26 this year for further consideration. The bill removes the prior $200 de minimis exemption threshold for small transactions and provides that when trading using regulated payment stablecoins, gains or losses will not be recognized unless the taxpayer’s cost basis in the stablecoin is less than 99% of its redemption value, and it sets a $1 deemed cost basis for exchange transactions. The bill would also apply wash-sale rules to digital asset transactions, and it distinguishes “passive staking” from activities such as trading and other transactions. It is not yet clear what the next steps for the bill will be, but industry insiders expect strong efforts to incorporate crypto provisions into tax legislation that could become law.
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