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 crypto and taxes. The bill is expected to be part of a broader tax reform in the coming months, making it crucial for US-based crypto owners who will need to report their digital asset holdings and transactions. The revised PARITY Act includes changes to 'de minimis' gains, which exempt small transactions from tax reporting. The latest draft removes the $200 threshold for stablecoin transactions and introduces a deemed basis of $1 for exchanges.
It also applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities. Although the bill's next steps are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.