House Bill Seeks Feasibility Study of Small Crypto Tax Exemption

A new bipartisan House bill has been introduced with the aim of studying the feasibility of exempting small crypto transactions from tax. The bill, known as the PARITY Act, instructs the U.S. Treasury to study taxpayers' compliance burden in reporting small crypto transactions and to report on potential abuse risks of a de minimis exemption.

The bill also includes provisions treating regulated payment stablecoins like cash for tax purposes and applies wash sale rules to crypto assets for the first time. The legislation was introduced after lawmakers released a discussion draft in March, amid broader industry pressure on Congress.