Senator Daines releases full text of ADAPT Act crypto tax proposal
Republican Senator Steve Daines of Montana released the full text of the Aligning Digital Assets with Principles of Taxation Act, or ADAPT Act, on September 30th. The 56-page bill proposes several changes to how digital assets are taxed in the United States. Key provisions would exempt qualifying stablecoin purchases used for everyday goods and services from capital gains taxes. The bill also exempts cryptocurrency network fees of ten dollars or less from tax reporting. Additionally, it would extend wash-sale rules to digital assets, limiting tax-loss harvesting strategies. The proposal addresses staking, mining, lending, and constructive-sale rules. Daines, a member of the Senate Finance Committee, has been developing this framework for over a year. The bill remains a proposal and requires congressional action before becoming law. Most provisions would apply to tax years beginning after December 31st, 2026.
Key facts
- ADAPT Act is a 56-page bill introduced by Senator Steve Daines on September 30, 2026
- Stablecoin purchases for goods and services would be exempt from capital gains recognition
- Network fees of $10 or less would be exempted from gain-or-loss calculations
- Co-sponsors include Senators Cynthia Lummis, Bernie Moreno, and Tim Scott
- Democrats have not signed on as co-sponsors according to reporting
- House Ways and Means Committee previously passed similar legislation on September 16 with a 38-5 vote
- Wash-sale and constructive-sale rules would extend to digital assets
How different outlets framed it
Right-leaning coverage: Right-leaning and pro-crypto sources celebrate the tax relief provisions for everyday stablecoin users and note the broader wave of pro-crypto policy momentum under the current administration, positioning the bill as supporting American leadership in digital assets.
Limits of this briefing
Democratic opposition or specific critiques of the bill were not prominently detailed in available sources, though reporting notes Democrats did not co-sponsor. The full scope of potential left-leaning policy objections—such as concerns about revenue loss to the treasury—is not fully captured in the sources reviewed.
Sources
- Bitcoin Magazine: Republican Senator Releases Text Of Proposed Crypto Tax Plan Right
- Benzinga: Tim Scott, Key Republicans Back New Bill Aimed to Create 'Clearer' Crypto Tax Rules: Democrats Reportedly Yet to Sign on Centre
- Bloomberg Tax: Finance Republican Floats Senate Version of Crypto Tax Bill Centre
- The Street Crypto: New crypto draft skips Bitcoin tax exemption Centre
- Crypto Council for Innovation: 2026 Lookback: CCI's Work to Advance a Workable Digital Asset Tax Framework Right