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. As Congress prepares to address tax reforms, the crypto industry may be impacted, making it crucial for US crypto owners to understand the potential changes.
The revised bill introduces changes to 'de minimis' gains, which could exempt small transactions from tax reporting. The latest draft also addresses wash sale rules and distinguishes between 'passive staking' and trading activities. Although the bill's next steps are uncertain, industry participants expect a strong push to include crypto in upcoming tax legislation.