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. Summary The Senate’s September 15 cloture vote on the CLARITY Act was 49 in favor, 50 against and one senator not voting; 60 votes were required to begin debate. The House Ways and Means Committee advanced H.R. 10357, the Digital Asset Tax Certainty Act, by 38 to 5 on September 16, but the full House has not passed it. Senator Steve Daines introduced the ADAPT Act on October 22 with Senators Cynthia Lummis, Bernie Moreno and Tim Scott, proposing rules for qualifying stablecoin payments and network fees of $10 or less. The Senate proposal would also extend wash-sale and constructive-sale rules to digital assets while addressing trading, lending and investment trusts. Tax legislation needs full chamber votes, agreement on one text and a presidential signature; its progress would not enact the SEC and CFTC market framework sought by CLARITY. The Senate could not open debate on the CLARITY Act in September. On October 22, a group of Republican senators put forward a different ki...