US Congress members 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. The bill, initially released in December, has been revised and re-released for further review.
One notable change is the section addressing 'de minimis' gains, which could exempt small transactions from tax reporting. The revised bill removes the $200 threshold for de minimis exemptions and introduces a new basis for exchanges. It also applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities.
The next steps for the bill are uncertain, but industry participants expect a strong push to include crypto in any upcoming tax legislation.