In the U.S. House, a bipartisan group of legislators has proposed a new tax framework for digital assets. The Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields (PARITY) Act is intended to establish clear standards for taxing digital assets, maintaining market stability and preventing abuse. The bill’s main provision is a “deemed-basis rule” that would treat regulated, dollar-pegged payment stablecoins the same as cash for tax purposes. Taxpayers would no longer need to track and report small gains or losses on routine digital transactions. Among other changes, the bill would also extend securities anti-abuse regulations to digital assets. In the U.S. House, a bipartisan group of legislators has proposed a new tax framework for digital assets. The Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields (PARITY) Act is intended to establish clear standards for taxing digital assets, maintaining market stability and preventing abuse. The bill’s main provision is a “deemed-basis rule” that would treat regulated, dollar-pegged payment stablecoins the same as cash for tax purposes. Taxpayers would no longer need to track and report small gains or losses on routine digital transactions. Among other changes, the bill would also extend securities anti-abuse regulations to digital assets.
