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 country's approach to cryptocurrency and taxes. The bill is set to be reviewed in the coming months, and its outcome may significantly impact US-based crypto owners, who will be required to report their digital asset holdings and transactions. The revised bill includes changes to 'de minimis' gains, which exempt small transactions from tax reporting.
The new version 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 next steps are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.