An early-stage discussion draft released by U.S. lawmakers seeks a comprehensive overhaul of how digital assets are taxed, aiming to clarify treatment across a range of activities—from stablecoins to lending and staking. Introduced as a conversation starter rather than a bill, the Digital Asset PARITY Act outlines proposed changes to the Internal Revenue Code that would reshape the tax landscape for individuals and institutions engaging with crypto in the United States.

The draft, authored by Representatives Max Miller and Steven Horsford, would set out specific rules for stablecoins, address cost-basis calculations, and establish de minimis exemptions for smaller transactions. Notably, the proposal stops short of an outright crypto tax framework and is framed as a starting point for a broader policy discussion among lawmakers, industry participants, and other stakeholders.

Conversations around the draft emphasize that if enacted, these provisions could influence onramping activity, compliance costs, and how crypto yields are reported. The document is not a bill introduced in Congress, but rather a discussion draft designed to spur debate on how the United States might modernize its tax code to accommodate digital assets.

Key takeaways

• Stablecoins may escape gains taxation if their cost basis remains within 1% of $1 (or $0.01), according to the discussion draft. This threshold would shape when gains on stablecoin holdings are recognized for tax purposes.
• Costs associated with acquiring or moving regulated dollar-pegged stablecoins would not be counted toward an investor’s cost basis, potentially lowering the taxable baseline for some trades.
• A de minimis exemption would apply to stablecoin transactions under $200, meaning those small trades would not trigger tax or reporting requirements. The act does not specify an annual cap yet.
• Income earned from lending, staking, or passive validator services would be treated as ordinary gross income in the year it is earned, measured by fair market value at the time of receipt.
• The proposal remains a discussion draft and has not been introduced as legislation; its purpose is to solicit input from lawmakers, industry participants, and the crypto community on how to overhaul crypto tax policy.

What the draft proposes and why it matters

The Digital Asset PARITY Act proposes a framework intended to bring greater clarity to how digital assets are taxed, with a focus on stabilizing tax outcomes for users who hold or transact with digital currencies that are designed to maintain a stable value. The centerpiece is a potential threshold-based treatment for stablecoins, aimed at reducing the tax friction associated with routine use of dollar-pegged tokens in everyday commerce or yield-generating activities.

Beyond stablecoins, the draft also addresses the allocation of tax burdens for earnings generated through decentralized finance (DeFi) activities. By treating income from lending, staking, and related validator services as ordinary gross income in the year earned, the proposal would require taxpayers to recognize fair market value at the time of receipt, aligning crypto income with traditional tax treatment for similar financial activities.

Officials behind the draft stress that the document is intended to catalyze cross-sector dialogue. They emphasize that any final policy will depend on congressional negotiations, administrative considerations, and input from the crypto industry and other stakeholders. The draft explicitly notes that it has not been introduced as formal legislation and invites feedback on the proposed structures.

Analysts and advocates see the bill as a reflection of the ongoing tension between fostering crypto innovation and maintaining robust tax oversight. From an investor perspective, the provisions could affect how quickly and efficiently activities such as yield farming, staking, and stablecoin usage move into formal compliance, potentially altering risk calculations and after-tax returns.

Industry responses and tensions

Reaction to the discussion draft highlights competing priorities within the crypto policy sphere. Cody Carbone, CEO of the Digital Chamber, framed the draft as a call for much-needed clarity in digital asset taxation. In a statement tied to the draft’s release, he underscored the risk of tax policy that remains ambiguous or misaligned with onshore activity, arguing that clear rules are essential for bringing more activity into the regulated economy.

“We need digital asset tax clarity or activity will never fully onshore,”

— Cody Carbone, Digital Chamber

Among Bitcoin advocates, the reaction was more skeptical, signaling concerns that the plan privileges stablecoins while bypassing a similar tax treatment for Bitcoin (BTC). The draft’s de minimis provision for stablecoins—but not for BTC—echoes ongoing debates about how decentralized, permissionless digital assets should be treated for tax purposes. Critics argue that stablecoins, being centrally issued and regulated, do not share the same decentralized attributes as BTC and should not enjoy the same exemptions.

“This is the wrong direction to go in,”

— Pierre Rochard, CEO, The Bitcoin Bond Company, commenting on the draft’s approach to de minimis relief and stablecoins

The broader policy landscape includes other proposed or pending measures, some of which contemplate various forms of tax relief or exemptions for BTC, while continuing to assess the equity of the tax treatment for stablecoins and other digital assets. Observers note that the Digital Asset PARITY Act aligns with an ongoing push to reform crypto taxation but remains a preliminary draft that will require extensive debate before any legislative action.

Context, implications, and what comes next

The draft arrives at a moment when policymakers are increasingly focused on how to create a workable tax regime for rapid innovation in digital assets, including DeFi, tokenized securities, and cross-border use cases. By proposing targeted exemptions and income-recognition rules, the authors aim to balance revenue considerations with practical usage patterns—especially for stablecoins that underpin much of DeFi liquidity, payments, and on-chain settlement.

For investors and developers, the move signals potential shifts in tax planning and compliance obligations. If adopted, the rules could influence how projects structure incentives, how wallets and exchanges report activity, and how users assess the after-tax viability of various crypto strategies. The discussion also foregrounds potential regulatory bifurcations between stablecoins and other digital assets, a theme that could shape policy debates in the coming months.

As Congress weighs the draft, stakeholders will scrutinize the mechanics of the proposed cost-basis rules, the exact thresholds for exemptions, and how these changes would integrate with existing tax provisions. The process will likely involve multiple committees, hearings, and stakeholder rounds before any formal bill could emerge. Market participants should watch for: whether the de minimis threshold for stablecoins is preserved or revised, whether BTC-specific exemptions gain traction, and how the definition of “regulated” stablecoins evolves in alignment with broader regulatory expectations.

In the near term, observers expect further commentary from industry groups, think tanks, and lawmakers as the dialogue around crypto taxation intensifies. The Digital Asset PARITY Act stands as a litmus test for how policymakers intend to reconcile traditional tax rules with the increasingly complex and transformative world of digital assets.

Readers should stay tuned for updates on whether the discussion draft progresses toward formal consideration and how the evolving policy debate will influence tax reporting, compliance costs, and the broader adoption path for digital assets in the United States.

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One hundred million Americans carry medical debt, and one emergency room visit averaging $2,700 can put a family underwater for years. A $14 billion options expiry just crashed BTC below $68,000 while oil topped $100 for the first time this cycle.

The ethereum price prediction points to respectable growth and its staying power is real, but if the reader has eyes on returns that clear every medical bill from one entry, Pepeto has raised more than $8 million with a live exchange already serving traders and 1000x potential as the Binance listing approaches.

A $14 billion options expiry on Deribit collided with the macro selloff on March 27, crashing BTC below $68,000 as oil topped $100 and bond yields spiked higher according to CryptoSlate.

The crash wiped $300 million in leveraged longs and pushed the Fear and Greed Index to 10. According to InvestingNews, BTC hit $66,400, its lowest since March 9, as Treasury yields climbed for four straight weeks.

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Ethereum (ETH)

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Ark Invest’s Bitcoin ETF saw one of the sharpest single‑day outflows of the month this week, as investors yanked tens of millions of dollars from spot products just as Bitcoin slid back toward the mid‑$60,000s.

The latest data show U.S. spot Bitcoin (BTC) ETFs posted a combined $171.12 million in net outflows on March 27, the largest one‑day withdrawal in more than three weeks and a stark contrast to the steady inflows seen earlier this month. According to ETF flow trackers, BlackRock’s IBIT led redemptions with roughly $41.9 million out, followed by Fidelity’s FBTC at about $32 million, while Ark Invest’s ARK 21Shares ETF saw approximately $30.5 million leave in a single session. Those exits hit as Bitcoin slipped back toward $70,000, with selling pressure from ETF desks reinforcing a broader risk‑off move across digital assets.

For Cathie Wood, the numbers add short‑term pain to a long‑running conviction trade. The Ark founder has for years argued that Bitcoin could eventually reach $500,000 if corporate treasuries and institutional allocators push even 5% of portfolios into the asset, telling CNBC at the SALT Conference that “the price will be ten‑fold what it is today” if that thesis plays out. Ark has backed that view with positioning, building exposure across vehicles such as its Next Generation Internet ETF and, more recently, via its ARK 21Shares spot product, which quickly became one of the most closely watched newcomers in the U.S. ETF lineup.

Yet the latest redemption wave shows how tactical those same institutions can be when macro conditions sour. Market data providers say investors are rotating out of risk assets on the back of sticky inflation, uncertainty over the Federal Reserve’s rate‑cut path, and escalating geopolitical tension around Iran, all of which have pushed volatility higher and forced some fast‑money players to de‑risk. “This pattern of inflows and outflows is becoming a key indicator of institutional positioning,” one ETF flow note observed, pointing out that even newer funds and smaller trusts such as VanEck’s HODL and Grayscale’s mini‑BTC product joined Ark’s ARKB in posting redemptions.

The move matters because Ark has been central to the story that spot ETFs would anchor Bitcoin with a deeper, more stable institutional base. Earlier in March, U.S. spot funds briefly flipped back to net inflows, including a day when the complex added about $167 million in fresh cash, suggesting some large accounts were willing to buy dips. That pattern appears to have reversed, at least temporarily, with several consecutive outflow days culminating in Thursday’s $171 million drawdown, undercutting the idea that ETF demand alone can offset macro shocks or positioning washes in derivatives.

Still, most analysts tracking Ark and its peers see the current outflows as tactical rather than a structural rejection of Bitcoin. Flows tend to whipsaw around options expiries, CPI releases, and geopolitical headlines, and Ark’s own research — including its latest Big Ideas 2026 report — continues to frame Bitcoin as a multi‑cycle, high‑conviction allocation rather than a quarter‑to‑quarter trade. For investors watching Wood’s ETF specifically, the question now is whether renewed inflows reappear on the next bout of weakness, or whether this week’s $30‑plus million exit marks the start of a longer period in which Ark’s name recognition is not enough to keep nervous capital from heading to the sidelines.

Morgan Stanley plans to price its proposed spot bitcoin BTC$65,903.67 exchange-traded fund (ETF) at 14 basis points, a level just below current low-cost options for similar products, according to an amended filing with the U.S. Securities and Exchange Commission (SEC). The move could set off a new round of fee competition among existing funds.

The latest S-1 filing, filed Friday, shows the bank undercutting rivals that charge closer to 15 to 25 basis points. The lowest fee on the market today is Grayscale’s Bitcoin Mini Trust ETF BTC$65,903.67, which carries a 0.15% expense ratio. Larger funds, including BlackRock’s iShares Bitcoin Trust (IBIT), priced their products at 25 basis points.

On paper, the gap looks narrow. In practice, it may be enough to shift money.

Spot bitcoin ETFs offer near-identical exposure. Each fund holds bitcoin and aims to track its price. That leaves cost as one of the few variables investors and advisors can act on. A financial advisor can move a client from one ETF to another with a single trade, keeping the same exposure while lowering annual fees.

That dynamic has shaped the ETF market before, and lower-cost products tend to attract inflows, while higher-fee funds can see assets drift out over time. Grayscale’s flagship product, its Bitcoin Trust (GBTC), holds about $10 billion in assets, down from $29 billion at launch in January 2024.

Morgan Stanley’s scale adds another layer. Its wealth management arm oversees trillions in client assets and has one of the largest adviser networks in the industry. Even small allocation changes across that base could move billions of dollars between funds.

The pricing decision also points to strategy. By entering with a lower fee, Morgan Stanley may be aiming to quickly gain share in a market where products are hard to differentiate. Cost and access, not structure, often decide which funds grow.

The filing follows confirmation from the New York Stock Exchange that it has issued a listing notice for MSBT, signaling the product could begin trading quickly if approved.

If regulators sign off, the fund would be the first spot bitcoin ETF issued directly by a major U.S. bank, setting up a new phase of competition where fees and distribution drive the outcome.

Stablecoins are once again at the center of the crypto business narrative — but for very different reasons.

Circle’s sharp sell-off this week highlights how sensitive crypto equities remain to regulatory headlines, even when the underlying business fundamentals appear unchanged. At the same time, developments in Canada show institutions are moving in the opposite direction, quietly laying the groundwork for stablecoin integration into traditional finance.

Elsewhere, prediction markets are facing growing pressure to clean up their act as regulators zero in on manipulation risks, while a new thesis from Forrester suggests the long-promised micropayments economy may depend less on infrastructure — and more on AI agents.

The latest edition of Crypto Biz points to a market where regulation, automation and institutional adoption are reshaping how value moves across crypto rails.

Circle slides on CLARITY Act fears, Bernstein says sell-off overdone

Shares of Circle plunged 20% on Tuesday after reports that a draft of the proposed CLARITY Act could restrict stablecoin rewards, but analysts at Bernstein say the market reaction may be mispriced.

In a Wednesday note, Bernstein analysts said investors are conflating “who earns yield” with “who distributes yield.” The draft legislation targets platforms that pass yield to users, they said, while Circle’s core revenue comes from reserve income on USDC (USDC), not reward distribution.

The legislative proposal would prohibit yield on passive stablecoin holdings or products deemed equivalent to interest, but leaves room for rewards tied to user activity, such as trading or payments. Bernstein said these carve-outs could still allow incentive structures without disrupting issuer economics.

Circle generates revenue primarily from interest on reserves backing USDC, which are largely invested in short-term US Treasurys. Bernstein estimates this income reached about $2.6 billion in 2025, underscoring what it views as limited direct impact from the draft bill.

Deloitte and Stablecorp prepare Canadian banks for stablecoins

Deloitte Canada is partnering with Stablecorp to bring stablecoin infrastructure into the country’s financial system, signaling growing institutional readiness ahead of new regulations. The initiative centers on integrating QCAD, a Canadian dollar–pegged stablecoin, into payment and settlement workflows.

The goal is to help financial institutions prepare for stablecoin adoption as Canada moves toward a formal regulatory framework for fiat-backed digital assets. Potential use cases include round-the-clock payments, faster settlement and improved transparency using blockchain-based systems.

QCAD is designed as a fully backed digital version of the Canadian dollar, aligning with expected regulatory requirements around reserves, compliance and risk management. This positions it as a candidate for institutional use once rules are finalized.

Polymarket tightens rules as insider trading fears grow

Prediction platform Polymarket is overhauling its rulebook amid intensifying scrutiny of allegations of insider trading and market manipulation. The updates apply to both its decentralized platform and its US-regulated exchange, signaling a push toward stronger compliance standards.

The new framework introduces stricter market design rules, clearer criteria for resolving outcomes and expanded surveillance systems to detect suspicious activity. Polymarket is also limiting certain markets considered highly manipulable or ethically sensitive.

The changes come amid mounting concerns that prediction markets may be vulnerable to traders with privileged information — especially in geopolitical or political event markets. Lawmakers and regulators have increasingly questioned whether such platforms blur the line between financial markets and gambling.

Forrester says AI agents could finally make micropayments work

AI agents may finally make micropayments viable, according to a new analysis from Forrester, which points to Stripe’s Machine Payments Protocol (MPP) as an early example of the trend.

Forrester analyst Meng Liu said micropayments have historically struggled due to user friction, as consumers are reluctant to repeatedly approve small transactions worth just a few cents or dollars. AI agents change that dynamic by executing payments automatically as part of completing tasks, removing the need for user interaction at checkout.

Stripe’s MPP is designed as a coordination layer that works across existing payment systems rather than a standalone network. Forrester’s Liu views this as a sign that infrastructure is emerging to support machine-to-machine transactions without requiring entirely new rails.

Liu said agent-driven payments could enable new business models, including pay-per-use services and automated digital commerce, while increasing demand for low-cost, high-frequency payment solutions such as stablecoins.

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