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. Related Reading: 
Crypto Access To Banks In Focus After Trump’s New Executive Order 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&#8217;s sponsors, said the US tax code has not kept pace with how 
fast digital assets have grown. &#8220;As America continues to lead the world in 
innovation, our tax code has failed to keep pace with the rapid growth of 
digital assets and modern financial technology,&#8221; Miller said in a statement. 
What Else The Bill Covers The PARITY Act carries over a section from an 
earlier draft that would treat regulated payment stablecoins like cash for tax 
purposes. Under that provision, no gains or losses would be recognized on 
stablecoin transactions unless the cost basis of those tokens falls below 99% 
of their redemption value. The bill also seeks to apply wash sale rules to 
crypto — a change that would close a loophole that stock investors are not 
allowed to use but crypto traders currently are. Related Reading: Zcash Soars 
88% In 30 Days: Is ZEC The Stealth Winner Of This Crypto Cycle? Democratic 
Representatives Steven Horsford and Suzan DelBene joined Miller and Republican 
Rep. Mike Carey in introducing the bill. Horsford had previously released a 
discussion draft of the legislation back in March. A Race Against The Clock 
Miller told Bloomberg Tax he believes the bill can pass before this Congress 
wraps up. That deadline falls in January, after the November midterm elections 
in which every House seat will be contested. Featured image from Getty Images, 
chart from TradingView

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 &#8230;

Washington Takes Fresh Aim At Crypto Taxes With New IRS Review Bill

OSL Group (863.HK) (OSL), a global stablecoin payment and trading platform, 
today announced that its Hong Kong-licensed digital asset exchange OSL HK has 
officially listed USDKG, the gold-backed stablecoin issued by the Kyrgyz 
Republic.

OSL Group (863.HK) (OSL), a global stablecoin payment and trading platform, today announced that its Hong Kong-licensed digital asset exchange OSL HK has officially listed USDKG, the gold-backed stablecoin issued by the Kyrgyz Republic.

OSL Strengthens Asia’s Digital Asset Ecosystem with Listing of State-Supervised Gold-Backed Stablecoin USDKG

The quantum foundry&#8217;s development accelerates the need for blockchain 
protocols to adopt quantum-resistant cryptography, impacting global tech 
dynamics.
The post IBM and US Commerce Department unveil first purpose-built quantum 
foundry with $1B support appeared first on Crypto Briefing.

The quantum foundry&#8217;s development accelerates the need for blockchain protocols to adopt quantum-resistant cryptography, impacting global tech dynamics. The post IBM and US Commerce Department unveil first purpose-built quantum foundry with $1B support appeared first on Crypto Briefing.

IBM and US Commerce Department unveil first purpose-built quantum foundry with $1B support

Heightened US-Taiwan ties could destabilize global markets, impacting 
semiconductors and crypto, while escalating US-China tensions.
The post Trump plans to speak with Taiwan&#8217;s president about $14B arms sale, 
risking China&#8217;s anger appeared first on Crypto Briefing.

Heightened US-Taiwan ties could destabilize global markets, impacting semiconductors and crypto, while escalating US-China tensions. The post Trump plans to speak with Taiwan&#8217;s president about $14B arms sale, risking China&#8217;s anger appeared first on Crypto Briefing.

Trump plans to speak with Taiwan’s president about $14B arms sale, risking China’s anger

The US government&#8217;s investment in quantum computing signals a strategic shift 
towards technological dominance, impacting global security and innovation.
The post US government awards $2B to quantum computing firms, including IBM 
appeared first on Crypto Briefing.

The US government&#8217;s investment in quantum computing signals a strategic shift towards technological dominance, impacting global security and innovation. The post US government awards $2B to quantum computing firms, including IBM appeared first on Crypto Briefing.

US government awards $2B to quantum computing firms, including IBM

China&#8217;s financial overhaul aims to enhance regulatory stability, potentially 
boosting investor confidence but posing execution challenges.
The post China&#8217;s State Council moves to revise central bank law in sweeping 
financial overhaul appeared first on Crypto Briefing.

China&#8217;s financial overhaul aims to enhance regulatory stability, potentially boosting investor confidence but posing execution challenges. The post China&#8217;s State Council moves to revise central bank law in sweeping financial overhaul appeared first on Crypto Briefing.

Washington Takes Fresh Aim At Crypto Taxes With New IRS Review Bill

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