US Congressmen Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields (PARITY) Act, which seeks to update the country's approach to cryptocurrency taxation. The revised bill addresses industry concerns, including the exemption of small transactions from tax reporting. The legislation proposes a de minimis exemption for regulated payment stablecoins, allowing individuals to make minor transactions without reporting capital gains or losses.
Additionally, the bill applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities. Although the bill's future is uncertain, industry participants anticipate a strong push to include crypto in upcoming tax legislation.