US Congressmen 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 reviewed further, and its implications could be significant for US crypto owners, who will need to report their digital asset holdings and transactions. The revised bill includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting. It also addresses wash sale rules and draws a distinction between 'passive staking' and trading activities.
Although the next steps for the bill are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.