Senator Steve Daines introduces S. 5616: Aligning Digital Assets with Principles of Taxation Act

We have received text from S. 5616: Aligning Digital Assets with Principles of Taxation Act. This bill was received on 2026-09-30, and currently has 3 cosponsors.

Here is a short summary of the bill:

This bill would update federal tax rules for digital assets, including cryptocurrencies, stablecoins, and related tokens. Its main purpose is to make the tax treatment of these assets more specific and consistent across a range of common activities such as buying, selling, mining, staking, trading, lending, and holding assets through partnerships or trusts.

Key tax changes for digital assets

• Stablecoins: Many purchases using qualifying stablecoins would be treated more like using cash, meaning the transaction would not trigger a taxable gain or loss in many cases. Some reporting requirements would also be reduced for these transactions.
• Small network fees: Certain small payments of network fees, such as blockchain transaction fees, would be exempt from some tax consequences.
• Staking and mining: The bill would set rules for when income from staking or mining is recognized and how it is sourced for tax purposes.
• Dealers and traders: Eligible digital asset dealers and traders would be allowed to use mark-to-market accounting, which generally means valuing assets at market price at year-end for tax purposes rather than waiting until sale.
• Wash sale and constructive sale rules: The bill would expand anti-tax-avoidance rules so that certain digital asset transactions are treated similarly to stock transactions under wash sale and constructive sale rules.
• Transfer and reporting rules: It would broaden reporting and transfer-related rules for digital assets, including how certain transfers are treated for tax purposes.
• Trusts and partnerships: The bill would clarify how digital assets are handled when held through trusts and partnerships.

Definitions and covered assets

The bill would create or expand definitions for terms used in digital asset tax law. It would also address the tax treatment of tokenized assets and bridged assets, which are digital representations of other assets or assets moved across blockchain networks.

Other tax rule updates

The legislation would apply digital asset rules to areas such as reporting, charitable deductions, partnership taxation, and certain anti-abuse rules. Some changes would take effect after 2026.

Relevant Companies

• None found

Senator Steve Daines Bill Proposals

Here are some bills which have recently been proposed by Senator Steve Daines:

• S.5616: ADAPT Act
• S.5048: Hydropower Licensing Affordability Act
• S.4992: A bill to require the Secretary of the Army to issue guidance relating to the review of applications for alteration or temporary or permanent occupation or use of certain hydropower projects, and for other purposes.
• S.4838: Outdoor Recreational Outfitting and Guiding Act
• S.4752: A bill to amend the Internal Revenue Code of 1986 to increase criminal and civil penalties for unauthorized disclosure of taxpayer information, and for other purposes.
• S.4489: Dry-Redwater Regional Water Authorization Act

You can track bills proposed by Senator Steve Daines on Investivoq's politician page for Daines.

Senator Steve Daines Net Worth

Investivoq estimates that Senator Steve Daines is worth $21.4M, as of October 10th, 2026. This is the 59th highest net worth in Congress, per our live estimates.

Daines has approximately $0 invested in publicly traded assets which Investivoq is able to track live.

You can track Senator Steve Daines's net worth on Investivoq's politician page for Daines.

Senator Steve Daines Stock Trading

We have data on up to $100.0K of trades from Senator Steve Daines, which we parsed from STOCK Act filings.

You can track Senator Steve Daines's stock trading on Investivoq's politician page for Daines.

2026 Montana US Senate Election

There has been approximately $128,969,098 of spending in Montana US Senate elections over the last two years, per our estimates.

Approximately $85,501,493 of this has been from outside spending by PACs and Super PACs. Some of the groups who are spending money in this race include:

• WINSENATE ($16,420,574)
• LAST BEST PLACE PAC ($14,411,733)
• SENATE LEADERSHIP FUND ($11,161,313)
• AMERICAN CROSSROADS ($6,048,525)
• INDEPENDENT PAC ($5,688,078)

The rating for this race is currently "Solid R".

You can track this election on our matchup page for the 2026 Montana US Senate election.

This article is not financial advice. See Investivoq's disclaimers for more information.