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 cryptocurrency and taxes. This comes as Congress is set to address tax reforms in the coming months, with potential implications for crypto holders. The revised bill includes changes to 'de minimis' gains, which exempt small transactions from tax reporting, and introduces a new basis for calculating gains on stablecoin sales. The bill also applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities.
While the next steps for the bill are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.