Summary
- Rep. Steven Horsford said the Digital Asset PARITY Act will serve as the basic framework for cryptocurrency taxation.
- The bill includes standards for taxing stablecoin payments and a tax-deferral provision for staking and mining rewards.
- It also includes a framework for applying wash-sale rules to digital-asset transactions, and the market is watching its impact on establishing crypto tax standards.
US lawmakers are continuing to debate how to overhaul the tax framework for digital assets, with attention focused on a bill that could set the standard for the sector.
Rep. Steven Horsford said the Digital Asset PARITY Act will serve as the basic framework for cryptocurrency taxation, CoinDesk reported on May 5.
The bill includes standards for taxing stablecoin payments. It also contains a provision to defer taxes on staking and mining rewards.
It further outlines how wash-sale rules could be applied to digital-asset transactions.
Market participants are watching how the bill could shape crypto tax standards. Key variables will be the progress of the legislation and the final wording of the rules.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
