Representatives Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, seeking to reform how the US handles crypto and taxes. With Congress set to address tax policies in the coming months, crypto may be a key part of these discussions, making it crucial for US-based crypto owners to stay informed. The revised bill introduces changes to 'de minimis' gains, which exempt small transactions from tax reporting. The latest draft removes the $200 threshold for stablecoin transactions and creates a deemed basis of $1 for exchanges.
It also applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities. Although the bill's future is uncertain, industry insiders expect a strong push to include crypto in upcoming tax legislation.