Gate News, April 14—U.S. Representatives Steven Horsford and Max Miller have reintroduced the Digital Assets Protection, Regulation, Innovation, Taxation, and Revenue Act (PARITY Act), aiming to revise the way the U.S. Internal Revenue Service (IRS) handles crypto taxation. The bill was first released in December last year as a discussion draft and was reissued on March 26 this year for further consideration. The bill removes the prior $200 de minimis exemption threshold for small transactions and provides that when trading using regulated payment stablecoins, gains or losses will not be recognized unless the taxpayer’s cost basis in the stablecoin is less than 99% of its redemption value, and it sets a $1 deemed cost basis for exchange transactions. The bill would also apply wash-sale rules to digital asset transactions, and it distinguishes “passive staking” from activities such as trading and other transactions. It is not yet clear what the next steps for the bill will be, but industry insiders expect strong efforts to incorporate crypto provisions into tax legislation that could become law.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
U.S. Military Confirms Bitcoin Node Operations as Multiple Nations Adopt Crypto for Statecraft
Gate News message, April 26 — Admiral Samuel Paparo, Jr., who leads U.S. forces across the Indo-Pacific, told a Senate panel that Bitcoin matters to national security. The Pentagon is running its own Bitcoin node and conducting operational tests to secure and protect networks using the Bitcoin
GateNews34m ago
Tennessee Bans Crypto ATMs Statewide, Second State After Indiana
Tennessee has become the second U.S. state to outright ban crypto ATMs, with Governor Bill Lee signing House Bill 2505 into law on April 13, 2024, after it passed both chambers unanimously. The ban will take effect July 1, 2024, and makes it a misdemeanor to operate or host the machines anywhere in
CryptoFrontier1h ago
DOJ Drops Criminal Investigation Into Powell, Clearing Path for Crypto-Friendly Warsh to Lead Fed
Gate News message, April 26 — The U.S. Department of Justice has dropped its criminal investigation into Federal Reserve Chair Jerome Powell, clearing the way for the Senate to confirm Kevin Warsh as the incoming central bank chair. U.S. Attorney for the District of Columbia Jeanine Pirro
GateNews3h ago
U.S. Sanctions Iran-Linked Crypto Wallets, Tether Freezes $344 Million USDT
Gate News message, April 26 — The U.S. federal government sanctioned multiple wallets linked to Iran on April 25, with Treasury Secretary Scott Bessent announcing the action as part of efforts to increase economic pressure on the country amid an ongoing ceasefire. The sanctions came a day after
GateNews3h ago
Trump Says He 'Has to' Back Crypto After Mar-a-Lago Token Event
President Donald Trump said he has an "obligation" to support the crypto industry after hosting top buyers of his $TRUMP meme coin at Mar-a-Lago, according to reports from the event. Trump made the remarks Saturday before returning to Washington, arguing that crypto had become a major industry and t
CryptoFrontier7h ago
Tennessee Bans Crypto ATMs Statewide, Becomes Second U.S. State After Indiana
Gate News message, April 26 — Tennessee has become the second U.S. state to impose a statewide ban on cryptocurrency ATMs. Gov. Bill Lee signed House Bill 2505 into law on April 13 after it passed both chambers unanimously. The law, officially codified on April 24, will take effect July 1 and
GateNews7h ago
