US Congress members 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 set to be reviewed as Congress addresses taxes 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.
The latest draft also applies wash sale rules to digital asset transactions and draws a distinction between 'passive staking' and trading. While the next steps for the bill are uncertain, industry participants are pushing for crypto to be included in any tax legislation that becomes law.