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 approach to cryptocurrency and taxes. The bill is set to be addressed in the coming months, and its outcome may have significant implications for US crypto owners, who will be required to report their digital asset holdings and transactions. The revised bill includes changes to 'de minimis' gains, which exempt small transactions from tax reporting, and introduces a new approach to regulated payment stablecoins. Additionally, the bill applies wash sale rules to digital asset transactions and distinguishes 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.