Representatives Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to modernize the US approach to crypto and taxes. The bill's revisions come as Congress prepares to address tax legislation, potentially impacting crypto holders. The revised PARITY Act includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting.
The latest draft also applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities. While the bill's future is uncertain, industry participants expect a strong push to include crypto in upcoming tax legislation.