Horsford: Proposes the Fair Price Act as the "lasting baseline" for crypto taxation

CoinWorld News reports that Nevada Congressman Steven Horsford stated at the Consensus conference in Miami that his bipartisan Price Parity Act aims to establish a lasting baseline for cryptocurrency taxation and address issues in existing tax laws to protect consumers and small businesses. He co-wrote the bill with Republican Representative Max Miller, and it was revised on March 26. Horsford said the risk of the comprehensive bill is that it could introduce vague definitional language, leading to other problems. The main provisions of the Price Parity Act include a cost basis testing requirement for stablecoin payments, a five-year tax deferral option for staking and mining rewards, and an extension of wash sale rules to digital assets. He emphasized that while the current draft lacks access to retirement accounts, he believes this is an important measure to narrow the wealth gap. Horsford also noted that negotiations in the Senate to advance the Clear Bill are currently on hold, and future legislative progress should be approached with caution.