{"database": "press", "table": "releases", "rows": [["https://kustoff.house.gov/media/press-releases/congressman-david-kustoff-introduces-providing-analogous-rules-digital-assets", "Congressman David Kustoff Introduces\u00a0the Providing Analogous Rules for Digital Assets Act", "2026-06-09", "2026", "2026-06", "Republican", "House", "TN", "David Kustoff", "K000392", "kustoff.house.gov", "kustoff", "https://kustoff.house.gov/media/press-releases", "scraper", "WASHINGTON, D.C. \u2014 Congressman David Kustoff (R-TN-08) today announced the introduction of H.R. 9176, the Providing Analogous Rules for Digital Assets Act (PAR Act), legislation designed to modernize the Internal Revenue Code and ensure digital assets are treated consistently with comparable traditional financial instruments.\n\n\u201cAs digital assets continue to play an increasingly important role in the global economy, it is critical that the United States tax code keeps pace,\u201d said Congressman Kustoff. \u201cThe PAR Act takes an important step toward creating a fair tax framework that supports innovation and competitiveness in the digital asset space.\u201d\n\n\u201cThe tax code shouldn't pick winners and losers based on the type of asset someone owns,\u201d said Ways and Means Committee Chairman Jason Smith (MO-08). \u201cToday, taxpayers who use digital assets often face uncertainty because longstanding tax rules that apply to similar traditional assets don't clearly apply to them. The PAR Act brings greater fairness and consistency to the tax code by ensuring digital assets are treated more like comparable financial assets under existing rules. Representative Kustoff's legislation provides the clarity taxpayers deserve while helping keep investment, innovation, and jobs here in the United States.\u201d\n\nThe PAR Act establishes three provisions to align the tax treatment of digital assets with traditional financial assets:\n\nThe bill modernizes existing tax rules for securities lending by extending them to traded digital assets. Lending these assets is treated like a straightforward loan rather than a taxable sale or exchange.\n\nIt gives dealers and traders in covered digital assets the option to use a clear, well\u2011established mark\u2011to\u2011market accounting framework, aligning them with securities and commodities and providing more predictable, consistent tax treatment for active trading businesses.\n\nIt strengthens the U.S. as a hub for digital asset activity by expanding the existing trading safe harbor so foreign investors can trade digital assets through U.S. intermediaries without being treated as engaged in a U.S. trade or business, encouraging that activity to stay in U.S. markets.\n\nIn addition, the PAR Act establishes clear statutory definitions for key terms such as \u2018digital asset,\u2019 \u2018traded digital asset,\u2019 and \u2018widely traded digital asset,\u2019 promoting regulatory clarity while giving the Treasury Department targeted authority to prevent abuse and adjust these rules as market conditions evolve.\n\nThe legislation applies prospectively and does not create inferences regarding the classification of digital assets under other areas of law or prior tax treatment.\n\nYou can read the bill text here.\n\n###", 1, "2026-06-27T21:44:12Z", "2026-06-27T22:11:26Z"]], "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://kustoff.house.gov/media/press-releases/congressman-david-kustoff-introduces-providing-analogous-rules-digital-assets"], "units": {}, "query_ms": 0.7428950630128384, "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"}