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 crypto tax policies. The bill's revisions come as Congress is set to address tax reforms in the coming months, with potential implications for crypto holders. The PARITY Act, first introduced in December, has undergone changes, including the removal of a $200 threshold for de minimis exemptions and the introduction of a deemed basis of $1 for exchanges.
The latest draft also applies wash sale rules to digital asset transactions and differentiates between 'passive staking' and trading activities. While the bill's future is uncertain, industry participants expect a strong push to include crypto in upcoming tax legislation.