The US Congress to Advance Bipartisan Crypto Tax Bill, Potentially the Next Key Legislation After the CLARITY Act

BlockBeats News, May 30th - Chairman of the U.S. House Ways and Means Committee, Jason Smith, stated that bipartisan support is necessary for cryptocurrency tax legislation to advance. Subsequently, U.S. Representatives Steven Horsford, Max Miller, Suzan DelBene, and Mike Carey jointly introduced the "Protecting the Advancement of Responsible and Targeted Innovation on a Taxpayer's Yield (PARITY) Act."

This 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 ordinary investors participate more safely 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 suitable for the rapid development of cryptocurrency and modern financial technology.

Currently, the PARITY Act, along with the advancing CLARITY Act, is seen as a crucial part of the U.S.'s efforts to establish a comprehensive cryptocurrency regulatory system. 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 passed by 2026. Analysts believe that if both the CLARITY Act and the PARITY Act are eventually legislated, and are followed by the development of rules 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.