S. 5616

ADAPT Act

Sponsor: Steve Daines

3 cosponsors

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Where it stands

Introduced Sep 30
Committee Now
Senate —
House of Representatives —
Law —

Introduced Sep 30
Committee Now
Senate —
House of Representatives —
Law —

Read twice and referred to the Committee on Finance. (Sep 30)

Votes

No roll-call votes yet.

Official summary

No official summary yet.

Text of the bill

Sec. 1. Short title; etc

Sec. 2. Nonrecognition of gain or loss on certain sales, exchanges, or dispositions of stablecoins

Sec. 3. Mark to market election

Sec. 4. Source rules for digital asset validation activities

Sec. 5. Certain trading in digital assets not treated as a trade or business within the United States

Sec. 6. Transfer of digital assets under certain agreements

Sec. 7. Application of wash sale rules to digital assets

Sec. 8. Treatment of trusts and publicly traded partnerships holding digital assets

Sec. 9. Application of constructive sale rules to digital assets

Sec. 10. Charitable contributions of widely traded digital assets

Sec. 11. Treatment of de minimis digital asset network fees

Sec. 12. Treatment of income from qualified digital asset validation activity by tax-exempt entities

Sec. 13. Application of registration-required obligation rules

Sec. 14. Treatment of certain foreign entities established in connection with decentralized autonomous organizations

Sec. 15. Definitions