Overview
- Representatives Max Miller and Steven Horsford released a discussion draft of the Digital Asset PARITY Act that is not yet a formal bill and remains open to revisions.
- The proposal creates a de minimis exemption for regulated, dollar‑pegged stablecoin payments under $200, limited to tokens meeting issuer and peg criteria and excluding brokers, with an annual cap under evaluation.
- Taxpayers could elect to defer income recognition on staking and mining rewards for up to five years, a middle-ground approach to current IRS guidance that taxes such rewards at receipt.
- The draft would apply wash‑sale and constructive‑sale rules to digital assets and offer a mark‑to‑market election for eligible traders, while granting nonrecognition for certain digital asset loans with specified exclusions.
- Most provisions would take effect upon enactment, while the stablecoin payment exemption would apply to tax years beginning after December 31, 2025, and the sponsors have requested stakeholder input through the House Ways and Means Committee.