Senate tax bill frees stablecoin spending while Bitcoin stays on IRS forms
Summary
Sen. Steve Daines released the ADAPT Act, a proposal that would exempt purchases made with qualifying U.S. dollar stablecoins from recognizing capital gains or losses, while Bitcoin payments would remain taxable. The stablecoin relief applies to transactions starting Jan. 1, 2027, and depends on issuer eligibility and Treasury’s list of qualifying tokens. The bill would also exempt up to $10 in aggregated digital-asset transaction fees from gain-or-loss recognition, subject to exclusions. These provisions are proposals; current IRS rules remain in effect. The bill also exempts qualifying stablecoins from specified wash-sale and constructive-sale rules.
