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The latest round of cryptocurrency tax reform in the U.S. Congress will instruct the IRS to review small transaction tax exemptions.

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PANews May 21 News, according to CoinDesk, U.S. bipartisan lawmakers reintroduced an amended version of the crypto tax law, the Digital Asset Protection, Regulation, Innovation, Tax, and Revenue Act, also known as the PARITY Act. If signed into law, the bill will instruct the IRS to review the potential impacts of small exemption thresholds. The new version stipulates that "regulated payment stablecoins" do not generate gains or losses if their cost basis is not less than 99% of the redemption value; the bill creates safe harbors for transactions conducted through brokers or taxpayer accounts; defines the applicable manner of rules for digital asset "wash sales"; and clarifies the tax treatment of digital assets obtained through staking by validators. Additionally, the bill requires the IRS to review the tax burden of small digital asset transactions, assess how many transactions under $200 are covered by current laws, and study the feasibility and potential abuse risks of small exemption thresholds. Representative Horsford stated that tax law is fundamental, and the current federal tax law is outdated and does not account for the modernization of digital assets.
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