Republican Senator Steve Daines released a draft bill on September 30 that would exempt qualifying stablecoin purchases from gain-or-loss recognition without any stated transaction cap. To qualify, stablecoins must appear on a Treasury list and be acquired within 3% of $1.00. Bitcoin payments would remain taxable dispositions with capital gain or loss calculations, except for network fees of $10 or less. The provision takes effect January 1, 2027 and borrows its issuer definitions from the GENIUS Act. Earlier proposals had used monetary thresholds of $200 or $300 to exempt small transactions.
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