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 crypto tax policies. The bill's revisions, released in March, include changes to 'de minimis' gains and exemptions for small transactions.
The proposed legislation also addresses wash sale rules and distinguishes between 'passive staking' and trading activities. Although the bill's future is uncertain, industry experts expect a strong push to include crypto in upcoming tax legislation. The revised bill removes the $200 threshold for de minimis exemptions and introduces a deemed basis of $1 for exchanges.
The developments come as Congress is set to address tax policies in the coming months, which may have significant implications for crypto owners in the US.