Lawmakers 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 and taxes. The bill is part of a broader effort to address tax policy in the coming months, with potential implications for crypto owners in the US. The revised bill includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting. It also addresses wash sale rules and draws a distinction between 'passive staking' and trading activities.
While the bill's next steps are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.