Daines Introduces ADAPT Act to Update Digital Asset Tax Code

Republican Senator Steve Daines has introduced a new bill to update the tax code for digital assets. The Aligning Digital Assets with Principles of Taxation Act (ADAPT Act) aims to create clearer rules for stablecoins, network fees, staking and lending.

The bill proposes that everyday users of stablecoins get tax relief for everyday uses. Spending a qualifying dollar stablecoin on goods or services wouldn't trigger gain or loss, and brokers wouldn't have to report those transactions.

The ADAPT Act also applies wash sale rules to crypto for the first time. The rules bar investors from claiming a tax loss if they sell an asset and buy it back within 30 days.