The latest round of crypto tax reforms by the US Congress will instruct the IRS to review exemptions for small transactions.

CoinFeed reported on May 21 that, according to CoinDesk, bipartisan lawmakers in the United States reintroduced a revised version of the cryptocurrency tax law, the Digital Asset Protection, Regulation, Innovation, Taxation, and Income Act (PARITY Act), on Wednesday. If signed into law, this bill would instruct the IRS to review the potential impact of small-value tax exemptions. The new version stipulates that "regulated payment stablecoins" do not generate gains or losses if the cost basis is not less than 99% of the redemption value; the bill creates a safe harbor for transactions conducted through brokerage or taxpayer accounts; defines the applicable rules for digital asset "laundering"; and clarifies the tax treatment of digital assets acquired by validators through staking. Furthermore, the bill requires the IRS to review the tax burden of small-value digital asset transactions, assess how many transactions under $200 are covered by existing laws, and study the feasibility and potential abuse risks of small-value tax exemptions.