A bipartisan coalition of U.S. lawmakers has reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, commonly referred to as the Parity Act. This legislation aims to update the tax code to better accommodate the increasing use of cryptocurrencies. One of its key provisions directs the Internal Revenue Service (IRS) to evaluate how a de minimis exemption could alleviate tax burdens for small digital asset transactions. Specifically, the bill proposes that regulated payment stablecoins should not incur tax liabilities unless their cost basis is less than 99% of their redemption value. Furthermore, it establishes a safe harbor for trading through brokers and clarifies how 'wash sale' rules apply to digital assets. Congressman Steven Horsford (D-Nevada) stated that the current tax code is outdated and does not adequately address the complexities of digital asset transactions, such as selling or earning staking rewards. The proposed review will also explore the implications of a de minimis exemption for transactions under $200 and assess the potential for misuse of such exemptions. This initiative represents a significant step towards broader crypto tax reform.