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 country's approach to cryptocurrency and taxes. The bill is set to be addressed in the coming months, and its outcome may have significant implications for US-based 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, and introduces a new approach to stablecoin transactions. Additionally, the bill applies wash sale rules to digital asset transactions and differentiates between 'passive staking' and trading activities.
Although the bill's next steps are uncertain, industry participants are pushing for crypto to be included in any upcoming tax legislation.