Senator Steve Daines Introduces ADAPT Act to Reform Digital Asset Taxation

Republican Senator Steve Daines, alongside Senators Lummis, Moreno, and Tim Scott, has introduced the Aligning Digital Assets with Principles of Taxation Act (ADAPT Act). The bill aims to modernize tax codes for digital assets by establishing clearer regulations for stablecoins, network fees, staking, and lending. It proposes tax relief for everyday stablecoin transactions and excludes small network fees from taxable dispositions, while applying existing wash sale and constructive sale rules to the digital asset sector.