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 cryptocurrency and taxes. The bill is part of a broader effort to address tax policy in the coming months, with potential implications for crypto owners in the US. The revised bill includes changes to the treatment of 'de minimis' gains, which could exempt small transactions from tax reporting. The industry has long advocated for such exemptions, which could simplify transactions like buying coffee with cryptocurrency.
The bill also addresses wash sale rules and distinguishes between 'passive staking' and trading activities. While the next steps for the bill are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.