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's revisions, released in late March, address key concerns such as 'de minimis' gains and exemptions for small transactions.
If passed, the legislation could simplify tax reporting for individuals who own and use cryptocurrencies. The revised bill removes the $200 threshold for de minimis exemptions and introduces a deemed basis of $1 for exchanges. Additionally, it applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities.
Although the bill's future is uncertain, industry participants expect a strong push to include crypto in upcoming tax legislation.