U.S. Congress Advances Bipartisan Crypto Tax Bill, Seen as Next Major Legislation

ChainCatcher report: Jason Smith, Chairman of the U.S. House Committee on Ways and Means, stated that digital asset tax legislation must receive bipartisan support to move forward. Subsequently, U.S. Representatives Steven Horsford, Max Miller, Suzan DelBene, and Mike Carey jointly introduced the “Protecting, Accountability, Regulation, Innovation, Taxation, and Yield Act” (PARITY Act). The bill aims to update digital asset tax rules, provide a clearer regulatory framework for the market, strengthen investor protection, and prevent market manipulation. Representative Steven Horsford said the bill will help ordinary investors participate in the digital asset market more safely and promote opportunities for wealth accumulation. Max Miller argued that the current U.S. tax code is no longer equipped to keep pace with the rapid development of digital assets and modern financial technology. Currently, the PARITY Act and the ongoing CLARITY Act are regarded as key components in establishing a comprehensive regulatory framework for crypto assets in the United States. In March this year, the U.S. Congress released a draft discussion paper on tax policy and held a bipartisan roundtable in May to discuss the tax framework for crypto assets. The market is closely watching whether the CLARITY Act can be passed by 2026. Analysts believe that if both the CLARITY Act and the PARITY Act are ultimately enacted into law, and are complemented by subsequent rulemaking under the GENIUS Act, the U.S. crypto industry will gain a clearer regulatory environment, further accelerating the integration of Web3 and DeFi into mainstream finance.