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U.S. bipartisan lawmakers reintroduce the "Equity Act," push for crypto tax reform and require the IRS to study a tax exemption mechanism for small transactions.

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ME News, May 21 (UTC+8), bipartisan U.S. lawmakers Steven Horsford, Max Miller, Suzan DelBene, and Mike Carey jointly reintroduced the "Digital Asset Protection, Accountability, Regulation, Innovation, Taxation, and Benefits Act" (the "EQUAL Act") on Wednesday this week. The new version of the bill mainly covers the following: First, it stipulates that regulated payment stablecoins do not generate gains or losses when their cost basis is no less than 99% of the redemption value; second, it establishes a safe harbor for broker transactions or taxpayer account transactions; third, it clarifies how the "wash sale" rules apply to digital assets; fourth, it requires the IRS to assess the current tax burden of crypto micro-transactions and study the feasibility and potential abuse risks of establishing a tax exemption for transactions under $200. The crypto industry has long advocated for tax exemptions on small transactions to promote the use of cryptocurrencies in everyday payment scenarios. Representative Horsford stated that tax policy is the foundation of the crypto regulatory framework, and the current tax law has yet to provide clear provisions on many core issues regarding digital assets. (Source: ChainCatcher)
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