US Congress members Steven Horsford and Max Miller have re-introduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to reform the US approach to crypto taxation. The bill, initially released in December, was revised and re-released on March 26 for further review.
One notable change is the updated approach to 'de minimis' gains, which would exempt small transactions from tax reporting. The revised bill removes the $200 threshold for stablecoin transactions and introduces a new basis 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 participants expect a strong push to include crypto in upcoming tax legislation.