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 country's crypto tax policies. The bill's reintroduction comes as Congress is set to address tax reforms in the coming months, with potential implications for crypto holders. The revised bill includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting, and introduces new rules for stablecoin sales and digital asset transactions. The proposed legislation also distinguishes between 'passive staking' and trading activities.
Although the bill's future is uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.