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 reintroduction comes as Congress is set to address tax reforms in the coming months, with potential implications for crypto owners.
The revised act includes provisions for 'de minimis' gains, which would exempt small transactions from tax reporting, and applies wash sale rules to digital asset transactions. It also differentiates between 'passive staking' and trading activities. Although the bill's future is uncertain, industry insiders expect a strong push to include crypto in any upcoming tax legislation.