Senate Unveils 56-Page Crypto Tax Bill With Stablecoin Exemption

A U.S. Senate bill aims to update federal tax rules for digital assets, including a proposed exemption for certain small stablecoin payments and new wash-sale rules for cryptocurrency.

The legislation, known as the Aligning Digital Assets with Principles of Taxation Act (ADAPT Act), was introduced by Sen. Steve Daines, who has been developing a broader digital-asset tax framework for months.

The proposal targets stablecoin payments used for everyday purchases, exempting qualifying consumer transactions from capital gains and losses, as well as certain broker information-reporting requirements.

The bill would also establish a separate exemption for digital assets used to pay network, transaction or gas fees of $10 or less.