US Congress members have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act to update the country's crypto tax policies. The revised bill seeks to address taxation of digital assets and transactions, which could impact US-based crypto owners. The proposed legislation includes changes to 'de minimis' gains, which exempt small transactions from tax reporting, and introduces wash sale rules for digital asset transactions.
The bill also differentiates 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 upcoming tax legislation.