US Congressmen Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, seeking to update the country's crypto tax policies. As Congress prepares to address tax reforms, the crypto industry may be impacted, making it crucial for US crypto owners to understand the potential changes.
The revised bill introduces changes to 'de minimis' gains, which could exempt small transactions from tax reporting. The latest draft also addresses wash sale rules and distinguishes between 'passive staking' and trading activities. Although the bill's future is uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.