Republican Senator Steve Daines of Montana has introduced the ADAPT Act, co-sponsored by Senators Lummis, Moreno, and Tim Scott, aiming to modernize the tax treatment of digital assets. The bill provides tax relief for everyday stablecoin users, exempts cryptocurrency network fees of $10 or less from taxation, and extends wash sale and constructive sale rules to digital assets for the first time. Qualifying stablecoins must be issued under the GENIUS Act framework and remain within 3% of $1.00. Assets acquired before the law takes effect are grandfathered, while staking and mining rewards are exempt. The bill now heads to committee, where it must be approved before it can reach a full Senate vote.
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