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Steve Daines unveils proposed ADAPT Act for taxing digital assets
The Aligning Digital Assets with Principles of Taxation Act is designed to set clearer rules for digital assets such as stablecoins.
Bitcoin Magazine reports that Republican Sen. Steve Daines released the text of a proposed bill to update the U.S. tax code for digital assets.
The proposal, called the Aligning Digital Assets with Principles of Taxation Act, or ADAPT Act, is intended to create clearer rules for assets including stablecoins, according to the outlet.
Bitcoin Magazine also notes the context for the proposal, saying lawmakers and regulators are working to draft digital asset rules as the Biden administration gives way to a more pro-crypto posture after President Trump took office.
The article adds that the Clarity Act collapsed in the Senate last month, and that one day after it fell, the House Ways and Means Committee overwhelmingly approved legislation to revamp the tax treatment of cryptocurrency.
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