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 crypto tax policies. The bill is expected to be part of a broader tax reform effort in the coming months, making it crucial for US-based crypto holders who will need to report their digital asset transactions. The revised act includes changes to 'de minimis' gains, which exempt small transactions from tax reporting, and introduces a new provision for regulated payment stablecoins. Additionally, the bill applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities.
Although the bill's future is uncertain, industry insiders anticipate a strong push to include crypto in any upcoming tax legislation.