New tax bill rewrites crypto rules on trading, mining, and stablecoins
In committeeH.R. 8899Latest action
Sponsor: Max L. Miller · Representative · OH
AIDecoded by AI · checked against the recordRead the official text
Official title: Digital Asset PARITY Act
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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HR 8899 overhauls how digital assets are taxed, covering stablecoin purchases, wash sales, mining income, and foreign investor rules.
55-second read · 4 questions answered below
What does this do?
HR 8899 creates new tax rules for digital assets, addressing situations the existing tax code was not written to handle. Stablecoin purchases would be treated like spending cash, with no tax owed on small price differences. Wash sale restrictions would apply to crypto, miners and stakers would owe ordinary income tax when they receive earnings but could elect to delay reporting that income for up to five years, and foreign investors would receive a clearer safe harbor from US taxes.
Who does it affect?
The bill directly affects everyday Americans using stablecoins for payments, crypto investors at all income levels, professional crypto traders and funds, miners, stakers, and nonprofits receiving crypto donations. Foreign investors in digital assets and the Treasury Department, which must conduct a study on small-transaction exemptions, are also involved.
Why does it matter?
Current tax law treats digital assets like stocks despite being written before cryptocurrency existed, creating compliance confusion. Applying these new rules would change reporting obligations and tax timing for a wide range of crypto participants, and the outcome of the Treasury study could eventually affect whether small everyday purchases require gain calculations.
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Where does it stand?
- IntroducedMay 19, 2026
- House committeeYou are here · May 19, 2026
- House vote
- Senate
- The president's desk
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the president.
Latest action: — Referred to the House Committee on Ways and Means.