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 approach to crypto and taxes. The bill's revisions include changes to 'de minimis' gains, which could exempt small transactions from tax reporting. The latest draft also addresses wash sale rules and distinguishes between 'passive staking' and trading activities.
Although the bill's future is uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.