Representatives Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to reform how the US handles crypto and taxes. As Congress prepares to address tax reforms in the coming months, the crypto industry may be included, making it essential for US crypto owners to understand the potential implications on their digital asset holdings and transactions. The revised bill includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting, and introduces 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.