{"database": "press", "table": "releases", "rows": [["https://horsford.house.gov/media/press-releases/reps-horsford-miller-unveil-discussion-draft-to-bring-tax-clarity-to-digital", "Reps. Horsford, Miller Unveil Discussion Draft to Bring Tax Clarity to Digital", "2025-12-20", "2025", "2025-12", "Democrat", "House", "NV", "Steven Horsford", "H001066", "horsford.house.gov", "horsford", "https://horsford.house.gov/media/press-releases", "scraper", "WASHINGTON, D.C. \u2013 Congressman Steven Horsford (D-NV) and Congressman Max Miller (R-OH) today unveiled a bipartisan discussion draft to bring clarity, consistency, and common-sense guardrails to the taxation of digital asset activities.\n\nThe Digital Asset Protection, Accountability, Regulation, Innovation, Taxation, and Yields (PARITY) Act targets unnecessary compliance challenges, closes major anti-abuse gaps, and aligns the taxation of digital assets with long-standing tax principles already applied to stocks, commodities, and other financial assets.\n\nThe discussion draft highlights a months-long bipartisan effort to identify practical solutions that eliminate excessive taxation on routine consumer transactions, address phantom income and valuation distortions, and establish clear rules before gaps in current law can be exploited at scale.\n\nThe lawmakers released the following statements:\n\n\u201cLike any emerging technology, cryptocurrencies need guardrails that allow innovation to grow while protecting consumers and the integrity of our tax system,\u201d Rep. Horsford said. \u201cToday, even the smallest crypto transaction can trigger tax calculation while other areas of the law lack clarity and invite abuse. Our discussion draft of the Digital Asset PARITY Act takes a targeted approach that provides an even playing field for consumers and businesses alike to benefit from this new form of payment.\u201d\n\n\u201cAmerica\u2019s tax code has failed to keep pace with modern financial technology,\u201d Rep. Miller said. \u201cThis bipartisan legislation brings clarity, parity, fairness, and common sense to the taxation of digital assets. It protects consumers making everyday purchases, ensures the rules are clear for innovators and investors, and strengthens compliance so everyone plays by the same rules.\u201d\n\nSpecifically, the Digital Asset PARITY Act would:\n\nCreate a deemed-basis rule for regulated, dollar-pegged payment stablecoins to treat digital dollars used like cash as cash\u2014reducing IRS administrability burdens from routine transactions and preventing misuse by trading or arbitrage activity.\n\nProvide clear tax certainty for foreign investors trading on U.S. digital asset platforms.\n\nExtend established securities-lending tax principles to qualifying digital asset loans.\n\nApply wash-sale rules to digital assets.\n\nAlign the tax treatment of professional digital asset dealers and active traders with existing securities markets by permitting a mark-to-market election.\n\nResolve the \u201cphantom income\u201d problem for miners and stakers by providing a clear, administrable election for when digital assets rewards are taxed.\n\nModernize charitable contribution rules for digital assets.\n\nApply constructive sale rules to digital assets.\n\nClarify that passive, protocol-level staking by investment funds is not a trade or business.\n\nFull text of the Digital Asset PARITY Act Discussion Draft is available here.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-06T20:09:11Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://horsford.house.gov/media/press-releases/reps-horsford-miller-unveil-discussion-draft-to-bring-tax-clarity-to-digital"], "units": {}, "query_ms": 0.9943423792719841, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}