US Lawmakers Introduce Draft Crypto Tax Bill Exempting Stablecoins But Not Bitcoin

Mar 27, 2026

US lawmakers released draft crypto tax legislation called the Parity Act on March 27, 2026, creating a $200 de minimis exemption for stablecoin transactions that eliminates capital gains reporting requirements, while explicitly excluding Bitcoin from this benefit. The bill also allows passive stakers to defer income reporting but excludes Bitcoin miners from this treatment, leaving them subject to phantom income taxation. The Bitcoin Policy Institute criticized the legislation for picking winners and losers and creating a two-tier tax regime that discriminates against Bitcoin. Digital Chamber CEO Cody Carbone stated he will continue pushing to add Bitcoin exemptions to the discussion draft before formal introduction.

Draft legislation excludes Bitcoin from de minimis tax exemption

▪The Bitcoin Policy Institute stated that a de minimis exemption for everyday Bitcoin transactions is necessary for Bitcoin's maturation as a global medium of exchange.
▪US lawmakers released draft crypto tax legislation on Friday, March 27, 2026.
▪The Parity Act draft bill does not include a de minimis exemption for Bitcoin transactions.
▪The Bitcoin Policy Institute stated that the Parity Act draft picks winners and losers rather than promoting parity.
▪Stablecoin transactions under $200 would not require capital gains reporting under the Parity Act.
▪The Parity Act draft bill creates a $200 de minimis exemption for stablecoin transactions.
▪A person who buys a cup of coffee with Bitcoin still faces a capital gains calculation under the Parity Act draft.

Staking tax deferral benefits proof-of-stake but excludes Bitcoin miners

▪The Bitcoin Policy Institute stated that the Parity Act creates a two-tier tax regime offering deferral to stakers while leaving miners with the phantom income problem.
▪The Parity Act's passive validator definition excludes Bitcoin miners who incur significant costs for electricity, hardware, and infrastructure.
▪The Parity Act draft bill allows anyone engaged in passive staking or passive validation to defer reporting income from that activity.

Controversy over crypto industry lobbying and Coinbase's role

▪Bitcoin influencers alleged earlier in March 2026 that Coinbase lobbied against a de minimis exemption for Bitcoin.
▪Cody Carbone stated that the Parity Act is a discussion draft that has not been introduced yet.
▪The Digital Chamber CEO Cody Carbone stated he would continue pushing for a de minimis exemption for Bitcoin to be added to the Parity Act.
▪Jack Dorsey asked Coinbase CEO Brian Armstrong to confirm his colleagues' denials regarding lobbying allegations.

Perspective of Bitcoin Policy Institute

▪The Bitcoin Policy Institute argues that Bitcoin miners face phantom income problems while stakers receive preferential tax deferral treatment under the Parity Act draft.
▪The Bitcoin Policy Institute views the Parity Act draft as discriminatory legislation that undermines Bitcoin's potential as a medium of exchange.

Perspective of Stablecoin industry and supporters

▪The Parity Act draft would enable stablecoin users to make purchases under $200 without tracking capital gains for tax purposes.

Perspective of Digital Chamber

▪Digital Chamber CEO Cody Carbone intends to advocate for expanding the Parity Act's de minimis exemption to include Bitcoin transactions.
▪The Digital Chamber views the Parity Act as amendable legislation still open to incorporating Bitcoin-friendly provisions.