US bipartisan lawmakers introduce crypto tax reform bill "PARITY Act": 5-year tax deferral for staking, tax exemption for stablecoin transactions under $200

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Four bipartisan members of the U.S. House Ways and Means Committee have jointly introduced the PARITY Act, a crypto tax reform bill that defers taxation on staking and mining rewards by up to five years and establishes a $200 capital-gains-tax exemption threshold for compliant stablecoin transactions. Ways and Means Committee Chairman Jason Smith made clear that the bill will only advance if it secures bipartisan support. (Background: White House pushes stablecoin bill the Clarity Act: stablecoin yield retains compromise plan, accelerating clearance of remaining obstacles) (Context: U.S. Senate officially passes the GENIUS stablecoin act, next step is clearing the House for final vote) Key Takeaways - Under the PARITY Act, taxation on staking and mining rewards can be deferred for up to 5 years; stablecoin transactions under $200 are exempt from capital gains tax - Ways and Means Committee Chairman Jason Smith sets a "bipartisan threshold" — the bill will not be advanced without support from both parties - GENIUS (already law) + CLARITY (in progress) + PARITY (just released) form the three-piece puzzle of U.S. crypto regulation The PARITY Act (Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act) was introduced by four House members, all serving on the Ways and Means Committee — two Republicans and two Democrats. The United States' dedicated regulatory laws for cryptocurrency are gradually falling into place. The GENIUS Act governs stablecoins and was signed into law by Trump last July. The CLARITY Act governs market structure and is currently making its way through the Senate. Now the tax piece has arrived as well: Representatives Steven Horsford (Democrat, Nevada), Max Miller (Republican, Ohio), Suzan DelBene (Democrat, Washington), and Mike Carey (Republican, Ohio), on May 19, joined Ways and Means Committee Chairman Jason Smith (Republican, Missouri) in laying down a condition — this crypto tax bill must have bipartisan support, otherwise it will not be advanced. He described the legislative progress as having both parties already on the same line, with the pace set to be very fast. Seven Major Sections of the Crypto Tax Bill Draft The bill covers seven major areas. The two most closely watched by the market are as follows. Staking and mining rewards can "optionally" be deferred for up to five years before being included in taxation, or deferred until the time of sale (whichever comes first), recognized as ordinary income. This directly addresses the "phantom income" problem under current IRS rules — tokens are taxed upon receipt even though you haven't sold them, so you have money on paper but not in your pocket. On the stablecoin payments front, transactions using stablecoins compliant with the GENIUS Act are exempt from capital gains tax for amounts under $200. The draft sets strict stablecoin parity standards: over the past 12 months, ≥95% of trading days the price must stay within the $1.00 ±1% range. But the draft is not all good news. The bill simultaneously extends the stock market's wash sale rule to crypto assets — if you sell and then repurchase a substantially identical asset within 30 days, the loss cannot be deducted. This rule has long been in effect in traditional securities, while crypto assets have always been an exception. Now this loophole is being closed. Other provisions cover deferred taxation on digital asset lending, valuation exemptions for charitable donations, and instructions for the Treasury Department to issue interim guidance on small-transaction tax exemptions within 180 days. Racing the Current Session In his speech, Representative Horsford said the PARITY Act is a "durable floor," not a temporary patch. Miller set a clear timeline — the bill should be advanced before August 2026, otherwise it may be delayed to the next session, with a vote potentially pushed back to 2028. Reactions from the crypto industry to this draft are mixed. For example, the Crypto Council for Innovation sent a letter to Smith expressing support, while the Blockchain Association warned that some provisions could "weaken a carefully negotiated compromise and compress competitive space." FAQ What does the PARITY Act change about staking taxation? Staking and mining rewards can optionally be deferred for up to five years before taxation, or deferred until the time of sale (whichever comes first). Current IRS rules tax tokens immediately upon receipt, creating a phantom income problem of "money on paper but not in pocket." How does the PARITY Act relate to the CLARITY Act and the GENIUS Act? The three govern different areas: the GENIUS Act governs stablecoins (signed into law in 2025), the CLARITY Act governs market structure (under Senate review), and the PARITY Act governs taxation. Together, the three laws form the complete U.S. crypto regulatory framework.

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