US lawmakers introduce bill to exempt small crypto transactions from tax

A bipartisan group of U.S. lawmakers from the Republican and Democratic parties has jointly introduced a revised bill, the PARITY Act, aimed at modernizing cryptocurrency taxation, CoinDesk reported. The legislation would direct the Internal Revenue Service (IRS) to study the impact of introducing a tax exemption for small crypto transactions under $200. The crypto industry has long argued that removing the tax reporting obligation for minor transactions would make it easier to use digital assets for everyday payments, such as buying a cup of coffee. The bill's sponsors emphasized that updating the tax system is a foundational step for integrating digital assets into the financial system.