US Congressmen Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to update the US crypto tax framework. The bill's revisions are crucial for US crypto owners, as they will need 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 transactions 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 expect a strong push to include crypto in upcoming tax legislation.