US Congress members Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to update the country's crypto tax policies. The bill's revisions could impact anyone in the US who owns cryptocurrency, as they will be required to report their digital asset holdings and transactions. The revised bill includes changes to 'de minimis' gains, which exempt small transactions from tax reporting. The latest draft also addresses wash sale rules for digital asset transactions and distinguishes between 'passive staking' and trading activities.
Although the bill's next steps are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.