U.S. Senator Steve Daines formally introduced the 56-page Alignment of Digital Assets with Tax Principles Act, which aims to establish tax rules for scenarios such as stablecoin payments, network fees, pledges, and borrowing, and extend the rules of laundering and presumed sales to digital assets.
Under the Act, the use of compliant US dollar stablecoins for the purchase of goods and services generally does not require the recognition of gains or losses, and eligible consumer transactions are exempt from the broker information reporting obligation, which is not applicable to traders and market makers. The bill is also intended to exempt recognition of gains and losses on digital assets used to pay network, transaction, or gas fees of $10 or less; most provisions will apply to tax years or transactions after December 31, 2026.