Legislators Steven Horsford and Max Miller have re-introduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, seeking to reform the US approach to crypto and taxes. As Congress prepares to address tax reforms in the coming months, the crypto industry may be impacted, making it crucial for US crypto owners to stay informed about reporting digital asset holdings and transactions.
The revised bill introduces changes, including the concept of 'de minimis' gains, which could exempt small transactions from tax reporting. The latest draft also addresses wash sale rules for digital assets and differentiates between 'passive staking' and trading activities.
Although the bill's next steps are uncertain, industry participants expect a strong push to include crypto in upcoming tax legislation.