US Congress members 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 crypto tax policies. The bill is set to be reviewed alongside other tax legislation in the coming months, making it crucial for US-based crypto owners who will need to report their digital asset holdings and transactions. The revised bill includes changes to 'de minimis' gains, which could exempt small transactions from tax reporting, and introduces wash sale rules for digital asset transactions.
It also differentiates 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.