#TradFi交易分享挑战

‍# PARITY Act Promotion
Recently, legislation in the crypto industry has been advancing rapidly. The “Clear Act” is still under review in the Senate, and lawmakers from both parties in the U.S. House of Representatives have officially introduced the “Digital Asset Protection, Accountability, Regulation, Innovation, Tax, and Revenue Act” (PARITY Act), which is intended to establish a digital-asset taxation framework. The bill does not set a de minimis exemption; it only requires the Treasury Department to study the issue within 180 days. It also clarifies that stablecoins are treated as cash, that professional traders can use mark-to-market accounting, addresses miners’ and stakers’ “phantom income” problem, and provides tax certainty for foreign investors. The bill’s impact on the crypto community is mainly concentrated in two areas:

1. The PARITY Act first establishes a differentiated tax classification system for digital assets at the federal level in the United States, completely breaking the crude approach of “all crypto assets are treated as property”:

‌Stablecoins are explicitly classified as “cash equivalents”‌: USD-pegged stablecoins that meet regulatory standards (such as USDC and PYUSD). If the price fluctuation of a single transaction is ≤1%, then‌ capital gains tax is exempted‌. This move will help stablecoins transition from “speculative instruments” to‌ everyday payment media‌, accelerating their adoption in DeFi, cross-border remittances, and retail payments.

‌The “phantom income” issue for miners and stakers is partially resolved‌: The bill allows‌ passive validators‌ (such as PoS stakers) to defer the tax point of reward income‌ until the asset is actually sold‌, rather than taxing it when it is generated. However, this benefit explicitly excludes PoW miners‌, creating a lack of “technological neutrality” and worsening tax inequality between the PoW and PoS ecosystems.

‌Professional traders gain a “mark-to-market” privilege‌: Those who qualify as “professional traders” (even though the threshold is not clearly defined) may use‌ mark-to-market accounting‌. Crypto assets would be treated as “trading securities,” allowing profits and losses to be accounted for uniformly based on market prices at the end of the year, greatly simplifying tax reporting complexity for high-frequency trading.

2. Reshaping market structure: capital flows and ecosystem differentiation‌

‌Stablecoin liquidity is set to grow explosively‌:

Tax exemptions directly reduce trading friction costs. It is expected that, within 6–12 months after the bill takes effect, the staking volume and trading volume of compliant stablecoins such as USDC and USDT in DeFi protocols will increase by‌ 30–50%‌, while non-compliant stablecoins (such as DAI and FRAX) face liquidity squeeze.

‌PoS staking ecosystems will see an influx of institutional-grade capital‌:

Deferring taxation turns staking rewards from a “tax nightmare” into a “plannable asset.” Staking service providers such as Lido and Coinbase Staking will attract‌ long-term capital‌ such as pension funds and sovereign wealth funds. Total staked ETH is expected to surpass 10 million ETH before 2027.

‌PoW miners face systematic capital outflows‌:

Bitcoin miners that do not receive tax benefits will face dual pressure: high electricity costs + heavier tax burdens. Some small mining operations may be forced to shut down, and hash power may accelerate migration to low-tax regions such as the Middle East and Central Asia. As a result, U.S. domestic Bitcoin network hash rate could decline by‌ 15–20%‌.

‌Foreign investors’ allocation willingness will significantly increase‌:

By explicitly allowing non-residents to enjoy tax treaty benefits through‌ the W-8BEN form‌ (such as reducing China–U.S. dividend withholding tax from 30% to 10%), the bill provides a predictable tax pathway for global capital. It is expected that between 2026 and 2027, the share of non-U.S. investors in U.S. crypto-asset holdings will rise from the current 28% to 35% or above, especially benefiting mainstream assets such as BTC and ETH. $USIDX