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 US approach to cryptocurrency and taxes. The bill is part of a broader effort by Congress to address tax policies in the coming months, with potential implications for crypto holders. The revised bill includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting, and introduces a distinction between 'passive staking' and trading activities.
While the bill's prospects are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.