Legislators Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to modernize the US approach to cryptocurrency taxation. As Congress prepares to address tax reform in the coming months, the crypto industry is watching closely, as any changes will impact individuals and businesses holding digital assets. The revised bill includes updates to 'de minimis' gains, which could exempt small transactions from tax reporting, making it easier for people to use crypto for everyday purchases.
The latest draft also applies wash sale rules to digital asset transactions and differentiates between 'passive staking' and trading activities. Although the bill's future is uncertain, industry insiders expect a strong push to include crypto in any upcoming tax legislation.