Lawmakers 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 and taxes. As Congress prepares to address tax legislation, the crypto industry may be included, making it crucial for US crypto owners to understand the potential implications.
The revised bill includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting, and introduces a new approach to stablecoin transactions. The bill also applies wash sale rules to digital asset transactions and 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 upcoming tax legislation.