PAR Act

This bill changes federal tax law for digital assets such as cryptocurrency. It would extend the tax rules for securities lending to loans of traded digital assets, so lending them under certain agreements would not be treated as a taxable sale. It would let dealers and traders in widely traded digital assets choose mark-to-market accounting, which taxes gains and losses based on year-end value, and would spread the resulting adjustments over four years. It would let foreign persons trade digital assets through U.S. brokers or for their own account without being treated as doing business in the United States. It also adds tax definitions for digital assets, wrapped assets, and U.S. dollar stablecoins, and lets the Treasury treat qualified dollar stablecoins as dollars.

Full text and official record on Congress.gov

Sponsors

• David Kustoff Republican sponsor
• 0 cosponsors