Representatives 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. As Congress prepares to address tax reforms in the coming months, the crypto industry may be impacted, making it crucial for US-based crypto owners to stay informed about reporting requirements for their digital assets. The revised bill includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting, and introduces a distinction between 'passive staking' and trading activities.
Although the bill's next steps are uncertain, industry insiders anticipate a strong push to include crypto in any upcoming tax legislation.