US Senator Daines Introduces 56-Page ADAPT Act on Digital Asset Taxation

This is the first serious attempt to write digital-asset-specific tax rules into statute rather than leaving them to guidance and enforcement, and its treatment of stablecoin payments as non-recognition events is the provision with the widest practical reach. Extending wash-sale and constructive-sale logic to digital assets cuts the other way, pulling crypto closer to securities-style treatment. The deferral to transactions after 2026 means nothing changes near-term; the open question is whether the stablecoin carve-out survives committee and industry pushback over the wash-sale expansion.