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Tim Scott, Key Republicans Back New Bill Aimed to Create 'Clearer' Crypto Tax Rules: Democrats Reportedly

Steve Daines introduced a bill proposing clearer tax rules for digital assets.

Tim Scott, Key Republicans Back New Bill Aimed to Create 'Clearer' Crypto Tax Rules: Democrats Reportedly
Image · Benzinga

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This article1 analysis · Oct 3, 2026
Benzinga
Oct 1, 2026
tl;dr

Sen. Steve Daines introduced a bill to clarify cryptocurrency tax rules, with several Republican senators listed as co-sponsors and no reported Democratic support. The proposal follows the failure of the CLARITY Act to advance in the Senate.

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Steve Daines R · MT · SEN
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Steve Daines
R · MT · SEN

Senator who introduced the cryptocurrency tax bill

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Bernie Moreno
R · OH · SEN

Co-sponsor of the cryptocurrency tax bill

Tim Scott
R · SC · SEN

Co-sponsor of the cryptocurrency tax bill

Cynthia M. Lummis
R · WY · SEN

Co-sponsor of the cryptocurrency tax bill

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Sen. Steve Daines Introduces ADAPT Act Crypto Tax Bill

Outlets agree Senator Steve Daines presented a proposal to overhaul federal tax rules for digital assets. The legislation would exempt certain small stablecoin transactions from capital gains taxes while extending wash-sale restrictions to cryptocurrency trades. Center outlets focus on how the measure provides tax relief for everyday transactions while closing tax loopholes, though Politico highlights the bill's uncertain prospects due to an absence of Democratic co-sponsors.

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