US Congress members Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to modernize the country's crypto tax policies. The bill's revised version, released in March, includes changes to 'de minimis' gains, which exempt small transactions from tax reporting.
The new draft removes the $200 threshold for regulated payment stablecoins and introduces 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 future is uncertain, industry participants expect a strong push to include crypto in upcoming tax legislation.