US Congress members Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, seeking to reform the country's crypto tax policies. As Congress prepares to address tax reforms in the coming months, cryptocurrency may be included, making it crucial for US-based crypto owners to report their holdings and transactions. The revised bill features changes to 'de minimis' gains, which could exempt small transactions from tax reporting.
The update removes the $200 threshold for stablecoin transactions and introduces a deemed basis of $1 for exchanges. Additionally, the bill applies wash sale rules to digital asset transactions and differentiates between 'passive staking' and trading activities. Although the bill's future is uncertain, industry insiders expect a strong push to include crypto in upcoming tax legislation.