US Congressmen 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 come as Congress prepares to address tax reforms in the coming months, with potential implications for crypto holders. The PARITY Act, first introduced in December, has undergone changes, including the removal of a $200 threshold for 'de minimis' gains and the introduction of wash sale rules for digital asset transactions. The revised bill also distinguishes between 'passive staking' and trading activities.
While the bill's future is uncertain, industry participants expect a strong push to include crypto in upcoming tax legislation.