Senator Cynthia Lummis stated on October 1, 2026, that she does not anticipate the passage of digital asset tax legislation before the end of the year. She attributes this to the Senate Finance Committee's reluctance to amend the tax code during the post-election lame-duck session.
On September 16, 2026, the House Ways and Means Committee approved the Digital Asset Tax Certainty Act (H.R. 10357) with a 38-5 vote. The bill addresses tax treatment for de minimis exemptions, mark-to-market accounting, wash sales, mining, and staking.
Previous legislative efforts include S. 2207, introduced by Lummis in July 2025, which proposed a $300 per-transaction exemption and a $5,000 annual cap. This proposal was estimated to generate $600 million in net revenue over a decade.
A draft of the ADAPT Act, circulated on September 30, 2026, aims to make stablecoin purchases tax-neutral starting in 2027. Meanwhile, the CLARITY Act, a separate market structure bill supported by Lummis, failed a Senate vote in mid-September 2026.
