The CLARITY Act stalled. Can Congress pass crypto tax rules first?

A new Senate tax proposal has joined a House bill already through committee. The measures address payments, fees and trading rules, but they have their own route to enactment and cannot settle market oversight. The Senate could not open debate on the CLARITY Act in September. On October 22, a group of Republican senators put forward a different kind of crypto bill: one aimed at the tax consequences of using and trading digital assets. Senator Steve Daines’s ADAPT Act announcement proposes removing gain-or-loss tracking for certain dollar stablecoin purchases and small network fees, while bringing existing anti-abuse and financial-market tax rules to crypto. A separate House tax measure already has bipartisan committee approval. That sequence offers an opening, not a shortcut to law.

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