A bipartisan group of lawmakers has introduced sweeping legislation to establish a new tax framework for digital assets, aiming to close the wealth gap and provide long-sought clarity for consumers and investors.

Representative Max Miller (R-OH) introduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation, and Yields (PARITY) Act (H.R. 8899), with Representatives Steven Horsford (D-NV), Suzan DelBene (D-WA), and Mike Carey (R-OH) as original cosponsors.

The bill aims to create clear and administrable standards for the taxation of digital assets, provide certainty to markets, and establish guardrails to prevent abuse. “As digital assets continue to grow and evolve, Washington cannot afford to stay stuck in the past,” said Horsford in a press release. “Right now, the lack of clear rules creates uncertainty for consumers, investors, businesses, and regulators while leaving the system game-able for wealthy and sophisticated players.”

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