US Congressmen Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, seeking to update the country's crypto tax policies. As Congress prepares to address taxes in the coming months, crypto may be included, making it crucial for US crypto owners to report their digital asset holdings and transactions. The revised bill introduces changes to 'de minimis' gains, which exempt small transactions from tax reporting. The industry has long advocated for a de minimis exemption to simplify transactions like buying coffee with crypto without incurring capital gains or losses.
The latest draft of the bill removes the $200 threshold for regulated payment stablecoins and applies wash sale rules to digital asset transactions. It also 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 any upcoming tax legislation.