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 crypto tax policies. The bill, first introduced in December, has undergone revisions and now includes provisions for 'de minimis' gains, which would exempt small transactions from tax reporting. The latest draft 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 are pushing for its inclusion in any upcoming tax legislation.
The proposed changes could have significant implications for US-based crypto owners, who will be required to report their digital asset holdings and transactions.