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 cryptocurrency and taxes. The bill is set to be reviewed in the coming months, and its outcome may significantly impact US-based cryptocurrency owners who must report their digital assets and transactions.
The revised bill features changes to 'de minimis' gains, which could exempt small transactions from tax reporting. It also addresses wash sale rules for digital asset transactions and distinguishes between 'passive staking' and trading activities. Although the bill's next steps are uncertain, industry participants expect a strong push to include cryptocurrency in upcoming tax legislation.