Rep. Horsford Advocates PARITY Act for Crypto Tax Reform at Consensus Miami
At the Consensus Miami conference, Rep. Steven Horsford presented the PARITY Act as a pathway for reforming crypto tax legislation. He emphasized the importance of bipartisan support and the challenges facing the stalled CLARITY Act negotiations, according to a report by CoinDesk.
On May 5, 2026, Rep. Steven Horsford discussed the PARITY Act at the Consensus Miami conference, advocating for a targeted approach to crypto tax reform. Believing that incremental changes are preferable to a comprehensive overhaul, Horsford noted that the current Senate discussions on the CLARITY Act have stalled.
Horsford framed digital asset legislation as critical for addressing wealth disparity, stating, "no one party should own crypto." He co-authored the PARITY Act alongside Republican Rep. Max Miller and highlighted key provisions, such as a stablecoin payments cost-basis test and a five-year tax-deferral option on staking and mining rewards. These measures aim to create a clear tax framework to protect consumers and small businesses.
The Congressman expressed caution against broad definitions in legislation, arguing that they could lead to unintended consequences. He remarked, "the risk of a comprehensive bill is that it pairs genuinely helpful provisions with definitional language that is so broad that it creates other problems." Despite aspirations to include retirement account access in future drafts of the PARITY Act, he acknowledged its absence in the current proposal.
As for legislative timing, Horsford refrained from committing to a specific timeline for bipartisan crypto legislation, emphasizing the need for thoroughness over speed. He stated, "It’s less about a timeline and more about getting it right." He noted the importance of ensuring that any legislation passed does not result in unforeseen issues.
Overall, the bipartisan push for the PARITY Act highlights the ongoing discussions and complexities surrounding crypto regulation as the industry anticipates clearer frameworks for taxation and market structure.
Summary based on original reporting by Jeffrey Albus at CoinDesk, originally published May 5, 2026. SolanaWire does not republish source content.
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