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Republican Senator Releases Text Of Proposed Crypto Tax Plan

Daines released a proposal to change tax rules for digital assets.

Republican Senator Releases Text Of Proposed Crypto Tax Plan
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Outlet credibilityBitcoin MagazineNOT RATED
This article1 analysis · Oct 3, 2026
tl;dr

Sen. Steve Daines released the ADAPT Act, a proposed update to tax rules for digital assets. The bill would create tax exemptions for some stablecoin spending and crypto transaction fees while applying wash-sale rules to many digital assets.

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

Senator and sponsor of the ADAPT Act

PRIMARY SUBJECT
Bernie Moreno
R · OH · SEN

Senator and cosponsor of the ADAPT Act

Donald Trump
R · President of the United States

President whose pro-crypto platform is mentioned as background

Tim Scott
R · SC · SEN

Senator and cosponsor of the ADAPT Act

Cynthia M. Lummis
R · WY · SEN

Senator and cosponsor of the ADAPT Act

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7 OUTLETS
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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