US Congressmen Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, seeking to reform the country's crypto tax policies. As Congress prepares to address tax reforms in the coming months, the crypto industry may be included, making it crucial for US-based crypto owners to stay informed.
The revised bill, initially released in December and updated on March 26, introduces changes to 'de minimis' gains, which exempt small transactions from tax reporting. The latest version removes the $200 threshold for regulated payment stablecoins and instead sets a deemed basis of $1 for exchanges. Additionally, the bill applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities.
Although the bill's next steps are uncertain, industry participants anticipate a strong push to include crypto in upcoming tax legislation.