Republican Senator Steve Daines ( Steve Daines ) has announced a new proposal to update tax laws related to digital assets.

This senator from Montana released the "Digital Assets and Taxation Principles Alignment Act" on Wednesday ( Aligning Digital Assets with Principles of Taxation Act, referred to as ADAPT Act ). The act was co-sponsored by Daines along with senators Lumis ( Lummis ), Moreno ( Moreno ), and Tim Scott ( Tim Scott ), with the aim of establishing rules for assets such as stablecoins.

Since U.S. President Donald Trump took office with a stance in support of cryptocurrency platforms, legislators and regulatory agencies have been stepping up efforts to draft rules for digital assets. Last month, the Clarity Act bill failed in the Senate; the following day, the House Ways and Means Committee approved a legislation with an overwhelming majority that will reshape the tax treatment of cryptocurrencies.

Daines wrote on X: "Digital assets have entered the mainstream, but tax laws have not yet kept up."

"My bill will establish clearer rules for stablecoins, network fees, staking, and lending, while extending familiar tax rules such as wash sales and deemed sales to digital assets as well."

The bill proposes to provide tax incentives for the daily use of stablecoins. Purchasing goods or services with qualified US dollar stablecoins does not trigger gains or losses, and brokers are also not required to report these transactions.

To meet the criteria, such stablecoins must be issued under the GENIUS Act framework and appear on the list published by the Ministry of Finance every quarter; this list includes those currencies whose price has consistently remained within a range of 3% around 1 US dollar, and you must also have purchased these currencies at a price close to 1 US dollar, that is, within the 3% range.

In addition, network fees or gas fees paid in cryptocurrency will be considered tax-exempt if the total cost related to a single transaction does not exceed $10 and complies with anti-splitting rules.

The bill will also apply wash-sale rules to cryptocurrencies for the first time. These rules prohibit investors from buying back the same asset within 30 days of selling it and claiming a tax loss based on that sale. Stock investors have been subject to these rules for a long time, whereas crypto traders can sell losing assets and then buy them back immediately.

These rules will apply to tradable digital assets other than qualified stablecoins. Assets purchased before the bill takes effect will be exempted under the “grandfather clause,” as will staking rewards, mining rewards, and regular fixed-amount purchases.

Tokenized stocks will be considered assets that are “substantially identical” to the underlying stocks.

ADAPT Act has currently been submitted to the committee for review. The committee must approve it first before it can proceed to a vote by the entire Senate.