US Congress members 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. The proposed legislation could have significant implications for US crypto owners, who will be required to report their digital asset holdings and transactions. The revised bill includes changes to 'de minimis' gains, which exempt small transactions from tax reporting. The latest draft also addresses wash sale rules and distinguishes between 'passive staking' and trading activities.
Although the bill's future is uncertain, industry insiders expect a strong push to include crypto in upcoming tax legislation.