Bipartisan House lawmakers unveil crypto tax framework with stablecoin safe harbor, staking deferral: Bloomberg
Bipartisan House lawmakers released a draft crypto tax framework including a stablecoin safe harbor and a five-year deferral option for staking rewards.Summary
Bipartisan House lawmakers, Rep. Max Miller (R-Ohio) and Rep. Steven Horsford (D-Nev.), unveiled the Digital Asset PARITY Act discussion draft, a new crypto tax framework. A key feature is a safe harbor exempting regulated, dollar-pegged stablecoin transactions under $200 from capital gains taxes, provided the stablecoin meets strict issuer and price stability criteria. Regarding staking rewards, the bill proposes a middle ground: taxpayers can elect to defer taxation for five years, after which rewards are taxed as ordinary income at fair market value, contrasting with current IRS guidance that taxes rewards upon receipt. The draft also extends existing securities tax rules to digital assets, applying wash sale rules, extending constructive sale rules, and applying securities-lending tax principles to qualifying digital asset loans. Lawmakers hope this framework will establish necessary rules of the road for the industry, with the stablecoin provision effective after December 31, 2025.
(Source：The Block)