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The bill proposes exempting dollar-pegged stablecoins from gains or losses if the tokens remain tightly pegged to the underlying fiat currency.<\/p>\n
US Representatives Max Miller and Steven Horsford published a discussion draft bill on Thursday titled the \u2018\u2018Digital Asset Protection, Accountability, Regulation, Innovation, Taxation, and Yields Act\u2019\u2019 or the \u2018\u2018Digital Asset PARITY Act,\u201d to overhaul the tax code for digital assets.<\/p>\n
The Digital Asset PARITY Act seeks to overhaul the Internal Revenue Code of 1986 by adding provisions that would clarify the tax treatment of digital assets.<\/p>\n
The legislation said that stablecoins are not subject to gains if the cost basis, or the amount paid by the investor, does not fluctuate by more than 1% of $1 or $0.01, according to the discussion draft<\/a>.\u00a0<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n