US Congress members 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 taxation. The bill's revisions come as Congress is set to address tax legislation in the coming months, which may include provisions related to crypto. The PARITY Act, first released in December, has undergone changes, including the removal of a $200 threshold for de minimis exemptions and the introduction of wash sale rules for digital asset transactions. The bill also distinguishes between 'passive staking' and trading activities.
While the bill's future is uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.