国会即将让受监管的美元稳定币像数字现金一样运作

Washington isn't trying to solve every crypto policy fight at once, but it appears to be carving out a workable path for one specific category of digital asset: the regulated, dollar-pegged stablecoin. The GENIUS Act established the first federal regulatory framework for payment stablecoins, and a bipartisan House tax discussion draft now proposes friendlier tax treatment for those same tokens when people actually use them. Together, the two efforts point toward a deliberate, stablecoins-first lane in American crypto policy that could reshape how users, merchants, and issuers interact with digital dollars in the years ahead. What the stablecoin tax draft actually proposes The draft legislation is the Digital Asset PARITY Act , a bipartisan discussion draft first released in December 2025 by Representatives Max Miller (R-Ohio) and Steven Horsford (D-Nevada), both members of the House Ways and Means Committee. An updated version was re-released on March 26, 2026, with significant revisions to its core stablecoin provision. In the revised March draft, gains from selling a “regulated payment stablecoin” generally wouldn't be included in gross income, and losses wouldn't be recognized, unless the taxpayer's basis in the token falls below 99% of its redemption value. For exchanges, the recipient would take a deemed basis of $1. To qualify, the stablecoin must be issued by a permitted payment stablecoin issuer under the GENIUS Act, pegged only to the US dollar, and have demonstrated tight price stability over the prior 12 months. Brokers and dealers are excluded. For ordinary people, this means spending a qualifying dollar stablecoin could stop triggering a small, irritating tax event every time the token's value drifts a fraction of a cent. The draft is trying to give stable, regulated dollar tokens the kind of practical flexibility that cash already enjoys, rather than subjecting every micro-fluctuation to the capital gains framework applied to volatile crypto assets. Th