Representatives Steven Horsford and Max Miller have re-introduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to reform the US approach to crypto and taxes. As Congress prepares to address taxes in the coming months, crypto may be included, making it crucial for US crypto owners to understand the implications.
The revised bill features changes to 'de minimis' gains, which could exempt small transactions from tax reporting. The industry has long advocated for a de minimis exemption to simplify transactions like buying coffee with crypto.
The latest draft also addresses wash sale rules 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 upcoming tax legislation.