Sen. Steve Daines Introduces ADAPT Act for Digital Asset Taxes
The proposal would exempt qualifying stablecoin purchases from transaction-by-transaction capital-gains calculations while extending some anti-avoidance rules to digital assets.
Sen. Steve Daines introduced the ADAPT Act, a digital-asset tax proposal that would remove transaction-by-transaction capital-gains calculations for qualifying stablecoin purchases of goods and services.
The exemption would apply to dollar stablecoins that meet the requirements of the GENIUS Act. The proposal also would exclude crypto network fees of $10 or less from gain-or-loss calculations.
The bill would extend traditional securities tax restrictions to digital assets, including wash-sale rules that limit tax-loss strategies involving short-term sales and repurchases of similar assets. Constructive-sale rules also would apply.
Additional provisions address the tax treatment of digital-asset lending, mark-to-market taxation for dealers and staking-focused investment trusts. The measure still requires further congressional consideration before it could become law.
