Lawmakers Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to update the US approach to crypto and taxes. As Congress prepares to address tax legislation, the crypto industry may be included, making it crucial for US-based crypto owners to understand the potential implications.
The revised bill introduces changes to 'de minimis' gains, which could exempt small transactions from tax reporting, and addresses 'wash sale' rules for digital assets. Additionally, the bill differentiates between 'passive staking' and trading activities.
Although the next steps for the bill are uncertain, industry insiders expect a strong push to include crypto in any upcoming tax legislation.