Bipartisan U.S. lawmakers have reintroduced the 'Digital Asset Protection, Accountability, Regulation, Innovation, Taxation, and Yield Act' (Parity Act), a crypto tax reform bill aimed at updating digital asset tax rules. The bill also calls on the IRS to study the applicability and potential impact of a tax exemption mechanism for 'small digital asset transactions.' The proposal includes provisions such as excluding gains or losses for compliant stablecoin payments when the cost basis is less than 99% of the redemption value. It also addresses rules for digital asset wash sales, tax treatment of validator rewards, and safe harbor for broker and taxpayer account transactions. Additionally, the bill requires the IRS to assess the tax burden on small crypto transactions under $200 under current law, as well as the potential risks of abuse associated with such exemption mechanisms. (CoinDesk) https://(wublock123.com)/news/bipartisan-us-lawmakers-reintroduce-crypto-tax-reform-exempt-micropayments-61408