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Washington Moves To Review Crypto Tax Rules With New IRS Study Bill
TL;DR
A bipartisan bill has been introduced in Congress to review crypto tax rules, prompted by Kraken's report of 56 million tax forms sent to the IRS. The PARITY Act aims to assess potential tax relief for small digital asset transactions without creating immediate exemptions.
Key points
- Kraken sent 56 million tax forms to the IRS last year
- Nearly a third of forms covered transactions worth less than a dollar
- The PARITY Act directs the Treasury to study potential tax relief
Mentioned in this story
KrakenInternal Revenue ServiceTreasury Department
Kraken sent 56 million tax forms to the Internal Revenue Service last year. Nearly a third covered transactions worth less than a dollar. More than 75% were for trades under $50. Those numbers, cited by the crypto exchange last month, have added weight to a growing call in Congress to rethink how small digital asset transactions are taxed in the United States.
A Study, Not An Exemption
A bipartisan group of House lawmakers introduced a bill Tuesday that takes a first formal step toward addressing that burden.
Called the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act — or PARITY Act — the legislation does not create a tax break for small crypto transactions.
What it does is direct the Treasury Department to examine whether one should exist, and to report back within 180 days on what relief it can offer under its current authority.
Innovation should create opportunity for everyone, not just those already ahead.
The Digital Asset PARITY Act modernizes the tax code for the digital age, creates clearer rules, and ensures emerging financial tools help expand financial inclusion and pathways to wealth.
It is… pic.twitter.com/44B8mpEQLl
— Rep. Steven Horsford (@RepHorsford) May 19, 2026
The bill also calls for a study on how much paperwork small crypto transactions generate for taxpayers, and on the total number of transactions under $200 that get reported to the IRS each year.
The Treasury would also be asked to outline what resources the IRS would need if a de minimis exemption were eventually passed into law — and what kinds of fraud or abuse such an exemption might invite.
Republican Representative Max Miller, one of the bill’s sponsors, said the US tax code has not kept pace with how fast digital assets have grown.
Q&A
What is the PARITY Act regarding crypto taxation?
The PARITY Act is a bipartisan bill that directs the Treasury Department to study potential tax relief for small digital asset transactions.
How many tax forms did Kraken send to the IRS last year?
Kraken sent 56 million tax forms to the IRS last year, with a significant portion covering small transactions.
What prompted Congress to reconsider crypto tax rules?
Congress is reconsidering crypto tax rules due to Kraken's data showing that over 75% of tax forms were for trades under $50, highlighting the burden of taxing small transactions.
