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Bipartisan lawmakers in the U.S. reintroduce the Equal Act, pushing for crypto tax reform and requiring the IRS to study a tax exemption mechanism for small transactions.

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ME News, May 21 (UTC+8), U.S. bipartisan lawmakers Steven Horsford, Max Miller, Suzan DelBene, and Mike Carey jointly reintroduced the "Digital Asset Protection, Accountability, Regulation, Innovation, Taxation, and Revenue Act" (the "Equality Act") on Wednesday. The new version of the bill primarily includes 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 small-value crypto 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 daily payments. Lawmaker Horsford stated that tax policy is the foundation of the crypto regulatory framework, and the current tax law has not yet clearly addressed many core issues regarding digital assets. (Source: ChainCatcher)
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