s/pmarcaCRYPTO TAX•7h
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ADAPT Act would make near-$1 stablecoin purchases tax-free
The 56-page ADAPT Act exempts everyday stablecoin purchases from tax when the coin stays within 3% of its $1 peg. It also removes tax on crypto network fees under $10 per transaction, lowering friction for small payments.
The tradeoff is stricter treatment for investors: wash-sale rules would apply to digital assets, closing a tax-loss harvesting loophole. The bill also spells out staking and mining rewards, removes some IRS reporting requirements for wallet and DeFi builders, and eases appraisal rules for some crypto charity donations.
The tradeoff is stricter treatment for investors: wash-sale rules would apply to digital assets, closing a tax-loss harvesting loophole. The bill also spells out staking and mining rewards, removes some IRS reporting requirements for wallet and DeFi builders, and eases appraisal rules for some crypto charity donations.
Timeline2
14h
Senate Republicans introduced the ADAPT Act crypto tax bill.
13h
Reports identified the proposal as a 56-page bill unveiled by Sen. Steve Daines.
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