Congressmen 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 crypto taxation. The bill, reintroduced in late March, could 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 applies wash sale rules to digital asset transactions. It also distinguishes between 'passive staking' and trading activities.
Although the bill's next steps are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.