US Representatives 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. The bill's revisions are crucial for US crypto owners, as they will be required to report their digital asset holdings and transactions. The revised act introduces changes to 'de minimis' gains, which exempt small transactions from tax reporting.
The latest draft removes the $200 threshold for stablecoin exemptions and applies wash sale rules to digital asset transactions. It also differentiates between 'passive staking' and trading activities. Although the bill's future is uncertain, industry participants anticipate a strong push to include crypto in upcoming tax legislation.