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U.S. Congressman passes revised bill, once again adjusting cryptocurrency tax policy
According to CoinDesk, U.S. Representatives Steven Horsford and Max Miller have reintroduced the "Digital Asset Protection, Regulation, Innovation, Taxation, and Revenue Act" (PARITY Act), aimed at revising the way the IRS handles cryptocurrency taxation.
The bill was first released for discussion in December last year and was reintroduced on March 26 this year for further consideration. The bill removes the previous $200 de minimis exemption threshold for small transactions and stipulates that when trading with regulated payment stablecoins, gains or losses are not recognized unless the taxpayer's cost basis in the stablecoin is less than 99% of its redemption value, and sets a $1 recognized cost basis for exchange transactions.
The bill also applies wash sale rules to digital asset transactions and distinguishes between "passive staking" and trading activities. It is currently unclear what the next steps for the bill will be, but industry insiders expect a strong push to incorporate cryptocurrency provisions into tax legislation that may become law.
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