Congress Members to Hold Bipartisan Crypto Tax Meeting May 14

"The House Ways and Means Committee is set to hold a bipartisan, closed-door meeting on May 14, 2026, to discuss crypto tax rules, the same day the Senate Banking Committee is scheduled to vote on the CLARITY Act. The parallel timing makes May 14 the most consequential single day for U.S. crypto policy in years."

"Firstly, the PARITY act closes the wash sale loophole. Under current U.S. tax law, an investor can sell a digital asset at a loss, immediately repurchase it, and still claim the tax deduction (something stock investors cannot do under the standard wash sale rule). The PARITY Act would bring digital assets under the same restriction, eliminating what some have called a structural tax advantage for crypto traders over traditional investors."

"In return, the bill offers meaningful relief on staking and mining income, as under current Internal Revenue Service (IRS) rules, validators receive staking rewards that are taxed as ordinary income the moment they are received, even if those tokens are never converted to cash. Critics have called this phantom income taxation, and the PARITY Act, in effect, would let miners and validators defer taxes on staking rewards for up to five years, or until the point of sale, effectively moving the taxable event to the moment of actual realizat"

"At the center of the House session is the Digital Asset PARITY Act, introduced by Rep. Max Miller (R-Ohio) and Rep. Steven Horsford (D-Nev.), both members of the Ways and Means Committee. The bill targets several tax mechanics the crypto industry has pushed to reform for years."

The House Ways and Means Committee will hold a bipartisan, closed-door crypto tax meeting on May 14, 2026, the same day the Senate Banking Committee is scheduled to vote on the CLARITY Act. The Digital Asset PARITY Act, introduced by Rep. Max Miller and Rep. Steven Horsford, targets multiple crypto tax mechanics. The bill would close the wash sale loophole by applying standard wash sale restrictions to digital assets, preventing investors from claiming losses after selling and immediately repurchasing the same asset. It would also provide relief for staking and mining income by deferring taxation of staking rewards, which are currently taxed as ordinary income when received, even without conversion to cash. The bill would defer taxes for up to five years or until sale, and it would eliminate capital gains on stablecoin payments under $200.

Read at news.bitcoin.com