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Daines unveils bill to exempt small stablecoin and crypto transaction costs
The ADAPT Act would exempt qualifying stablecoin purchases and crypto-paid transaction costs up to $10 from gain or loss recognition, while tightening rules on loss harvesting.
The Defiant reports Senator Steve Daines has unveiled the ADAPT Act, a proposal aimed at changing how certain cryptocurrency activity is treated for tax purposes.
Under the bill, qualifying stablecoin purchases and crypto-paid transaction costs of $10 or less would be exempted from gain-or-loss recognition.
The proposal would also restrict loss harvesting, limiting how taxpayers can claim losses tied to crypto holdings.
The coverage describes the ADAPT Act as pairing payment relief for small crypto costs with tighter loss-harvesting rules.