Representatives Steven Horsford and Max Miller have re-introduced 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 taxes in the coming months, crypto may be included, making it crucial for US crypto owners to understand the implications. The revised bill introduces changes to 'de minimis' gains, which could exempt small transactions from tax reporting.
The industry has long advocated for such exemptions, which would simplify transactions like buying coffee with crypto. The latest draft also applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading.
While the bill's next steps are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.