Senator Daines Introduces ADAPT Act to Reform Digital Asset Taxation

U.S. Senator Steve Daines has introduced the ADAPT Act, a 56-page bill aimed at clarifying tax rules for digital assets. The legislation proposes exempting stablecoin payments for goods and services from capital gains taxes and introduces wash-sale and constructive-sale rules for digital assets, while excluding compliant stablecoins from the latter. It also provides tax exemptions for network or gas fees under $10 and establishes frameworks for staking, lending, and foreign investor safe harbors. Most provisions are set to apply to tax years beginning after December 31, 2026.