Latest Congressional swing at crypto tax reform would direct IRS to review de minimis exemptions
CoinDesk
A bipartisan group of U.S. lawmakers introduced the Parity Act to modernize crypto tax laws and study de minimis transaction exemptions.Summary
U.S. lawmakers have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields (Parity) Act. This bipartisan bill aims to update the federal tax code regarding digital assets, addressing issues like stablecoin treatment, wash sales, and staking rewards. Notably, the legislation directs the IRS to evaluate the impact of potential de minimis exemptions for small digital asset transactions, which the industry hopes will facilitate the use of cryptocurrency for everyday small-scale payments.
(Source：CoinDesk)