Bitcoin Magazine

Republican Senator Steve Daines Releases Text of Proposed Crypto Tax Plan

Republican senator Steve Daines has released a new proposal to update the tax code with regards to digital assets. 

The senator for Montana released the Aligning Digital Assets with Principles of Taxation Act — or ADAPT Act — sponsored by Sen. Daines with Sens. Lummis, Moreno, and Tim Scott on Wednesday, aiming to draft rules for assets like stablecoins. 

Lawmakers and regulators are fast trying to draft rules for digital assets since U.S. President Trump took office on a pro-crypto platform. The Clarity Act collapsed in the Senate last month; one day after, the House Ways and Means Committee overwhelmingly approved legislation that would revamp the tax treatment of cryptocurrency. 

“Digital assets have moved into the mainstream, but the tax code hasn’t kept up,” Senator Daines wrote on X. 

Digital assets have moved into the mainstream, but the tax code hasn’t kept up. My bill would create clearer rules for stablecoins, network fees, staking and lending—while extending familiar tax rules like wash sales and constructive sales to digital assets. pic.twitter.com/W6nXSsTgvX

— Steve Daines (@SteveDaines) September 30, 2026

“My bill would create clearer rules for stablecoins, network fees, staking and lending — while extending familiar tax rules like wash sales and constructive sales to digital assets.”

The bill proposes that everyday users of stablecoins get tax relief for everyday uses. Spending a qualifying dollar stablecoin on goods or services wouldn’t trigger gain or loss, and brokers wouldn’t have to report those transactions. 

To qualify, the stablecoin must be issued under the GENIUS Act framework, appear on a quarterly Treasury list of coins that have held within 3% of $1.00, and have been bought by you within 3% of $1.00. 

Separately, network or gas fees paid in crypto would be tax-free dispositions as long as the fees for a given transaction total $10 or less, with anti-structuring rules. 

The bill would also apply wash sale rules to crypto for the first time. The rules bar investors from claiming a tax loss if they sell an asset and buy it back within 30 days. Stock investors have long been bound by them, while crypto traders could sell at a loss and immediately rebuy. 

The rules would cover traded digital assets other than qualified stablecoins. Assets bought before the bill becomes law would be grandfathered, and staking rewards, mining rewards and regular recurring purchases would be exempt. 

Tokenized versions of stocks would count as “substantially identical” to the underlying shares.

The ADAPT Act now heads to committee, which would need to approve it before it could reach a vote by the full Senate.

This post Republican Senator Steve Daines Releases Text of Proposed Crypto Tax Plan first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

UK Brings Crypto Under Full FCA Oversight for the First Time

The UK’s Financial Conduct Authority has opened applications for crypto firms to become authorized, bringing the sector under full regulation for the first time.

In a Wednesday announcement, the watchdog said companies can apply so that the crypto industry has “clarity and legitimacy.”

The UK is in the process of drafting a sweeping new crypto bill. The FCA finalized its regulatory framework for cryptoassets in June, and the regime is due to take effect in October 2027.  

“The UK’s new crypto regime will give consumers greater protections and firms a clear framework to operate in. Firms can now apply for authorisation and start preparing for regulation,” Dominic Cashman, director of authorisation at the FCA, said in a statement. 

The statement added that firms will have to demonstrate that they meet requirements covering consumer protection, customer-asset safeguarding, market integrity and financial resilience.

Britain is pushing ahead with digital asset legislation since last year recognizing bitcoin and other digital assets as property. The reform came from a 2023 recommendation by the Law Commission, which argued that digital assets did not fit neatly into existing legal categories.

Despite the FCA’s announcement, the UK currently is trailing behind Brussels and Washington with digital asset regulation. 

The EU’s Markets in Crypto-Assets regulation has applied to service providers since 30 December 2024. 

And the U.S. under President Donald Trump signed the GENIUS Act into law in July 2025, establishing a federal framework for dollar-backed tokens.

Despite lawmakers blocking landmark legislation the Clarity Act last month, U.S. regulators like the Securities and Exchange Commission have pushed ahead with rulemaking regardless. 

This post UK Brings Crypto Under Full FCA Oversight for the First Time first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.