Two US congressmen have reintroduced a revised bill, known as the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to reform the country's approach to cryptocurrency taxation. As Congress prepares to address tax issues in the coming months, the cryptocurrency industry may be affected, making it crucial for US crypto owners to understand the potential changes.
The revised bill includes updates to the 'de minimis' gains section, which could exempt small transactions from tax reporting, and introduces wash sale rules for digital asset transactions. Additionally, the bill differentiates between 'passive staking' and trading activities.
Although the next steps for the bill are uncertain, industry insiders expect a strong push to include cryptocurrency in any upcoming tax legislation.