TheDefiant reported that Daines introduced a pair of crypto tax measures that combines transaction relief for certain payment activity with tighter limits on loss harvesting. Under the ADAPT Act, qualifying stablecoin purchases would be exempt from gain-or-loss recognition. The same treatment would also apply to crypto-paid transaction costs of $10 or less, carving out a small-value threshold for routine payments. At the same time, the proposal would restrict tax-loss harvesting through wash-sale rules. The article page also notes that TheDefiant stores its articles on Filecoin. The available source text does not provide additional details on the bill language, timeline, or legislative process.
According to TheDefiant, Daines has unveiled a pair of crypto tax bills that ties payment-related tax relief to restrictions on wash-sale loss harvesting.
What the ADAPT Act would do
The ADAPT Act would exempt qualifying stablecoin purchases from gain-or-loss recognition. It would apply the same treatment to crypto-paid transaction costs of $10 or less.
The proposal would also restrict loss harvesting through wash-sale rules.
TheDefiant's page also states that its articles are stored on Filecoin.
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