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 include changes to 'de minimis' gains, which exempt small transactions from tax reporting. The latest draft removes the $200 threshold for stablecoin transactions and introduces a deemed basis of $1 for exchanges.
It also applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities. The bill's next steps are uncertain, but industry participants expect a strong push to include crypto in any upcoming tax legislation.