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Senate tax bill frees stablecoin spending while Bitcoin stays on IRS forms

Daines released a proposal that would change how certain stablecoin purchases and digital-asset fees are taxed.

Senate tax bill frees stablecoin spending while Bitcoin stays on IRS forms
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This article1 analysis · Oct 2, 2026
Oct 1, 2026
tl;dr

Sen. Steve Daines released a tax proposal that would exempt qualifying stablecoin purchases from gain-or-loss recognition, while Bitcoin purchases would generally remain taxable. The proposal also includes limited relief for digital-asset transaction fees.

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

Senator who released the digital-asset tax proposal

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Bernie Moreno
R · OH · SEN

Senator and cosponsor of Daines’s proposal

Tim Scott
R · SC · SEN

Senator from South Carolina and cosponsor of Daines’s proposal

Cynthia M. Lummis
R · WY · SEN

Senator and cosponsor of Daines’s proposal; author of an earlier digital-asset tax proposal

Ted Budd
R · NC · SEN

Senator whose earlier bill is compared with Daines’s proposal

Part of a bigger story

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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