[Senator Daines Introduces ADAPT Act: Stablecoin Payments Exempt from Capital Gains Tax and Wash Sale Rules Introduced] According to a report by Jinse Finance, on October 1, U.S. Senator Steve Daines (Republican from Montana and member of the Senate Finance Committee) officially introduced a 56-page digital asset tax bill titled the 'Aligning Digital Assets with Tax Principles Act' (ADAPT Act). The bill aims to establish clearer tax rules for scenarios such as stablecoin payments, network fees, staking, and lending, while extending existing tax rules like wash sales and constructive sales to digital assets. The core provisions of the bill stipulate that taxpayers using compliant U.S. dollar stablecoins to purchase goods and services generally do not need to recognize gains or losses. It also exempts qualified consumer transactions from broker information reporting requirements, though this exemption does not apply to traders and market makers. The bill further extends wash sale and constructive sale rules to digital assets, excluding compliant stablecoins from the constructive sale provisions to limit loss-harvesting practices involving crypto assets. Additionally, the bill proposes exempting digital assets used to pay network, transaction, or gas fees of $10 or less from gain or loss recognition. It also allows qualified digital asset dealers and traders to opt for mark-to-market accounting. The bill addresses rules for income sourcing from staking and mining, a non-recognition framework for digital asset lending, safe harbor provisions for foreign investor transactions, and definitions for digital asset classifications. Most provisions would apply to taxable years or transactions after December 31, 2026. Previously, on September 16, the U.S. House Ways and Means Committee passed its own 'Digital Asset Tax Certainty Act' with a vote of 38 to 5.