Horsford Holds Out for Crypto Tax Reforms in Congressional Standoff

Crypto regulation has reached a critical juncture in the US Congress. Rep. Steven Horsford (D-NV) is holding out for key amendments to be included in the Digital Asset PARITY Act, which he co-authored with Rep. Max Miller (R-OH). The bill aims to overhaul how the IRS treats staking rewards and small stablecoin purchases.

Horsford expects Republicans to respond to his demands, as he believes they understand what he wants. He's waiting for them to make the next move in the legislative process.

The PARITY Act proposes de minimis tax exemptions for small stablecoin transactions under $200. This would change current rules that require every single transaction to be subject to capital gains calculation, regardless of size.