The U.S. House Ways and Means Committee is set to hold a closed-door meeting on May 14, 2026, to discuss the Digital Asset PARITY Act, a significant step towards crypto tax reform. The bipartisan bill, introduced by Rep. Max Miller and Rep. Steven Horsford, aims to address key tax issues affecting the crypto industry, including the closure of the wash sale loophole and deferral of staking taxes. The PARITY Act proposes to align digital asset tax rules with traditional securities by closing the wash sale loophole, which currently allows crypto investors to claim tax deductions on losses while immediately repurchasing the same assets. Additionally, the bill seeks to defer taxes on staking rewards for up to five years, addressing concerns over "phantom income" taxation. It also aims to eliminate capital gains taxes on stablecoin transactions under $200, facilitating everyday crypto payments. This legislative push coincides with the Senate Banking Committee's vote on the CLARITY Act, marking May 14 as a pivotal day for U.S. crypto policy. Rep. Miller anticipates the PARITY Act will advance before August 2026, aligning with broader legislative efforts to reform crypto market structures and tax regulations.