US Congressmen Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, seeking to update the US approach to crypto and taxes. This comes as Congress is set to address taxes in the coming months, with crypto potentially being part of the discussion.
The revised bill includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting, making it easier for individuals to use crypto for everyday transactions without incurring significant tax burdens. The latest draft also applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities.
While the next steps for the bill are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.