PARITY Act 2.0: Congress Decides Your Coffee Is Too Cheap for a Tax Form After All

Congressmen Steven Horsford (D-Nev.) and Max Miller (R-Ohio) have dusted off their legislative magnum opus, the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields (PARITY) Act, apparently deciding that modernizing how the U.S. handles crypto and taxes was just too important to abandon after one awkward draft. With broader tax legislation potentially on the horizon, crypto enthusiasts might finally see some clarity—or at least more paperwork than they can shake a HODL at.

The bill first appeared as a discussion draft last December and dropped again on March 26 for another round of review, because apparently Congress learns about crypto the same way most people learn about taxes: by panicking and trying again.

The most eye-catching update involves de minimis exemptions, which allow certain transactions to skip tax reporting requirements. The industry has been pushing hard for small-transaction carve-outs so buying your morning coffee doesn't trigger a capital gains nightmare that makes your accountant weep into their calculator. Because nothing says "financial freedom" like reporting your $4 latte to the IRS.

The December draft included language about de minimis thresholds for "regulated payment stablecoins"—specifically pointing to a $200 limit. Notably, that language didn't extend to Bitcoin or other digital assets, though it referenced the GENIUS Act, which sounds like the name of a bill that actually read the room.

The March version took a different approach. Instead of explicitly setting a de minimis threshold, it included this provision: "In the case of any sale of a regulated payment stablecoin, no gain or loss shall be recognized