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 approach to crypto and taxes. The bill is part of a broader effort by Congress to address tax policies in the coming months, with potential implications for crypto owners.
The revised PARITY Act includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting. The industry has long advocated for such exemptions to simplify transactions like buying coffee with crypto. The latest draft of the bill also addresses wash sale rules and distinguishes between 'passive staking' and trading activities.
While the next steps for the bill are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.