US Congressmen Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to reform the country's crypto tax policies. The bill's revisions come as Congress is set to address tax reforms in the coming months, potentially impacting crypto owners who must report their digital asset holdings and transactions.
The revised bill introduces changes to 'de minimis' gains, which exempt small transactions from tax reporting, and applies wash sale rules to digital asset transactions. It also differentiates 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.