Republicans · Donald Trump · U.S. Treasury · Bitcoin Magazine
Republican Senator Steve Daines Ships Text of Proposed Crypto Tax Plan
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The senator says the proposed bill would create clearer rules for assets like stablecoins.
Key facts
- To qualify, the stablecoin must be issued under the GENIUS Act framework, appear on a quarterly Treasury list of coins that have held within 3% of $1.00, and have been bought by you within 3% of $1.00
- The senator for Montana released the Aligning Digital Assets with Principles of Taxation Act, or ADAPT Act, sponsored by Sen
- Separately, network or gas fees paid in crypto would be tax-free dispositions as long as the fees for a given transaction total $10 or less, with anti-structuring rules
- The rules bar investors from claiming a tax loss if they sell an asset and buy it back within 30 days
Summary
Republican senator Steve Daines has released a new proposal to update the tax code with regards to digital assets. The senator for Montana released the Aligning Digital Assets with Principles of Taxation Act, or ADAPT Act, sponsored by Sen. Lawmakers and regulators are fast trying to draft rules for digital assets since U.S. President Trump took office on a pro-crypto platform. “Digital assets have moved into the mainstream, but the tax code hasn’t kept up,” Senator Daines wrote on X.