Representatives Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to reform the US approach to crypto and taxes. This development comes as Congress is set to address tax reforms in the coming months, with potential implications for crypto owners. The revised bill includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting, making it easier for individuals to use crypto for everyday purchases. The latest draft also applies wash sale rules to digital asset transactions and differentiates between 'passive staking' and trading activities.
Although the bill's future is uncertain, industry participants anticipate a strong push to include crypto in upcoming tax legislation.