Senate Republicans introduce ADAPT Act to revise crypto tax rules
Senate Republicans led by senator Steve Daines introduced the 56-page Aligning Digital Assets with Principles of Taxation Act, or ADAPT Act, on September 30 to overhaul federal tax treatment of digital assets. The bill would exempt consumers from recognizing gains or losses when using qualifying regulated U.S. dollar stablecoins for purchases, and would relieve gain recognition for network or gas fees of $10 or less. It adds sourcing rules for staking and mining, extends securities-lending nonrecognition to qualifying crypto lending, allows certain dealers mark-to-market, and applies wash-sale and constructive-sale rules to digital assets; congressional approval is required.
Consumers using qualifying regulated dollar stablecoins would not recognize gains or losses
Context
Lawmakers have debated which agencies should regulate digital assets. The ADAPT Act aims…
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