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 US approach to crypto taxation. This revised bill comes as Congress is set to address tax reforms in the coming months, with potential implications for crypto owners in the US. The PARITY Act, first introduced in December, has undergone changes, including a revised section on 'de minimis' gains, which could exempt small transactions from tax reporting. The latest draft also addresses wash sale rules and distinguishes between 'passive staking' and trading activities.
Although the bill's future is uncertain, industry participants expect a strong push to include crypto in upcoming tax legislation.