119th Congress · Senate bill · Last action Sep 30, 2026
S. 5616In Committee
ADAPT Act
Sponsor: Sen. Daines, Steve (R-MT)3 cosponsorsIntroduced Sep 30, 2026
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In plain English
Summary unavailable.The provided information does not contain the bill's text, section headings, or detailed subject matter. Without access to the specific provisions describing how the bill reforms digital asset taxation under the Internal Revenue Code, I cannot accurately summarize what the legislation does.
What’s in the bill (11 sections)
- Sec. 2. Nonrecognition of gain or loss on certain sales, exchanges, or
- 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
- 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
- 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
Generated by ThePolitibase from the bill text and CRS summary. Read the official text →
Where it is in the process
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Introduced
Sep 30
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Senate committee
Sep 30
3
Senate floor
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4
House
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5
Signed
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What happens next: Sits in committee. Needs a markup or favorable report to advance to the Senate floor.
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Sponsor
Cosponsors (3)
CS
BS
TS
All Republican.
Activity timeline
Sep 30
Sep 30
Sep 30
Read twice and referred to the Committee on Finance.
Sep 30
Sep 30
Sep 30
Introduced in Senate
Read the bill text
Official text via Congress.gov. Opens in a new tab.
Full action log
All 2 recorded actions since introduction · Source: Congress.gov
Sep 30
SENATERead twice and referred to the Committee on Finance.
Sep 30
Introduced in Senate
All 3 cosponsors
0 Democrats · 3 Republicans
Republicans (3)
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