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 crypto taxation. The bill's revisions include changes to 'de minimis' gains and exemptions for small transactions, potentially making it easier for individuals to use crypto for everyday purchases without incurring significant tax burdens. The proposed legislation also addresses wash sale rules and distinguishes 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.