The US Congress to Advance Bipartisan Crypto Tax Bill, Potentially the Next Major Legislation After the CLARITY Act
BlockBeats News, May 30: Chair of the U.S. House Committee on Ways and Means Jason Smith stated that bipartisan support is necessary for cryptocurrency taxation legislation to advance. Subsequently, U.S. Representatives Steven Horsford, Max Miller, Suzan DelBene, and Mike Carey jointly introduced the "Protecting Access to Relevant and Innovative Taxation of Digital Assets Act" (PARITY Act).
The bill aims to update cryptocurrency tax rules, provide a clearer regulatory framework for the market, enhance investor protection, and prevent market manipulation. Representative Steven Horsford stated that the bill will help retail investors safely participate in the cryptocurrency market and promote wealth accumulation opportunities. Max Miller, on the other hand, believes that the current U.S. tax law is no longer able to keep up with the rapid development of digital assets and modern financial technology.
Currently, the PARITY Act, along with the advancing CLARITY Act, is seen as a crucial part of the U.S. efforts to establish a comprehensive regulatory framework for crypto assets. The U.S. Congress released a tax policy discussion draft in March of this year and held a bipartisan lawmaker roundtable in May to discuss cryptocurrency tax architecture.
The market is closely watching whether the CLARITY Act will be approved by 2026. Analysts believe that if both the CLARITY Act and the PARITY Act ultimately pass into law and are complemented by subsequent rulemaking under the GENIUS Act, the U.S. crypto industry will experience a clearer regulatory environment, further driving Web3 and DeFi into the mainstream financial system.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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