US Congress members Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to reform the country's approach to cryptocurrency and taxes. The bill is expected to be part of a broader tax reform discussion in the coming months, which could have significant implications for crypto owners in the US.
The revised bill includes changes to 'de minimis' gains, which exempt small transactions from tax reporting, and introduces a new approach to calculating gains and losses from stablecoin sales. Additionally, the bill applies wash sale rules to digital asset transactions and differentiates between 'passive staking' and trading activities.
Although the bill's progress is uncertain, industry insiders anticipate a strong push to include crypto in upcoming tax legislation.