Representatives 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 crypto taxation. The bill's revisions include changes to 'de minimis' gains, which exempt small transactions from tax reporting. The latest draft also applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities.
As Congress prepares to address taxes in the coming months, the crypto industry is pushing for inclusion in any tax legislation. The bill's next steps are uncertain, but industry conversations suggest a strong effort to include crypto in upcoming tax laws.