Bipartisan U.S. lawmakers have reintroduced the Parity Act, a crypto tax reform bill aimed at updating digital asset tax rules. The legislation calls for the IRS to explore the implementation and potential impacts of a tax exemption mechanism for "de minimis digital asset transactions." The bill proposes that compliant stablecoin payments, with a cost basis below 99% of the redemption value, should not be considered gains or losses. It also addresses digital asset wash sale rules, tax treatment of validator rewards, and safe harbor provisions for broker and taxpayer account transactions. Additionally, the Parity Act mandates the IRS to assess the tax burden of small crypto transactions under $200 under current law and the potential abuse risks of related exemption mechanisms.