Republican Senator Steve Daines introduced the Aligning Digital Assets with Principles of Taxation Act, or ADAPT Act, with Sens. Lummis, Moreno and Tim Scott. The proposal would establish tax treatment for stablecoins, network or gas fees, staking and lending, while extending wash-sale and constructive-sale rules to digital assets. Qualifying stablecoin purchases for goods or services would not trigger gains or losses, provided the coins meet requirements tied to the GENIUS Act, Treasury listing and a 3% trading band around $1. Crypto network fees of $10 or less per transaction would also be tax-free dispositions, subject to anti-structuring rules. The bill would apply wash-sale restrictions to traded digital assets other than qualified stablecoins, while grandfathering existing holdings and exempting staking rewards, mining rewards and regular recurring purchases. Tokenized stocks would be treated as substantially identical to their underlying shares. The proposal now goes to committee before any full Senate vote. It follows the Senate’s collapse of the Clarity Act last month and the House Ways and Means Committee’s approval the next day of legislation to revise cryptocurrency taxation.