US Congress members Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to update the US approach to cryptocurrency and taxes. This development is significant for US crypto owners, as they will need to report their digital asset holdings and transactions. The revised bill includes changes to 'de minimis' gains, which exempt small transactions from tax reporting.
The latest draft also addresses wash sale rules for digital asset transactions and distinguishes between 'passive staking' and trading activities. While the bill's next steps are uncertain, industry participants expect a strong push to include crypto in upcoming tax legislation.