US Congress members Steven Horsford and Max Miller have re-introduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to update the country's crypto tax policies. The bill's reintroduction comes as Congress is set to address tax reforms in the coming months, with potential implications for cryptocurrency owners. The revised bill includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting, and introduces wash sale rules for digital asset transactions. It also differentiates between 'passive staking' and trading activities.
Although the bill's future is uncertain, industry insiders anticipate a strong push to include crypto in upcoming tax legislation.