The "Applying Existing Tax Anti-Abuse Rules to Digital Assets Act" proposes to amend the Internal Revenue Code of 1986 to apply existing tax anti-abuse rules to digital assets. This legislation specifically targets the wash sale rules under Section 1091 and the constructive sale rules under Section 1259, aiming to prevent taxpayers from using digital assets for tax avoidance strategies similar to those prohibited for traditional securities. For wash sales, the bill expands the definition of assets subject to Section 1091 from "stock or securities" to "specified assets," which now includes most digital assets, excluding qualified U.S. dollar stablecoins. It also clarifies that tokenized and wrapped digital assets can be considered "substantially identical" if they are economically equivalent to other assets. An important exception is made for digital assets acquired through validation activities like staking or mining, which are not subject to these wash sale rules. Regarding constructive sales, the bill modifies Section 1259 to include digital assets (again, excluding qualified U.S. dollar stablecoins) within the scope of "appreciated financial positions." It also adjusts the exception for nonpublicly traded property to encompass "widely traded digital assets," and specifies that tokenized digital assets can be treated as substantially identical to economically equivalent financial property. The bill introduces comprehensive definitions for various digital asset terms, such as "digital asset," "traded digital asset," "widely traded digital asset," "tokenized digital asset," and "wrapped digital asset." It also defines "qualified U.S. dollar stablecoin" by referencing the GENIUS Act and grants the Secretary of the Treasury authority to publish lists of such stablecoins and treat them as currency under certain conditions. These amendments are generally effective for dispositions and constructive sales occurring after the bill's introduction date, with a transition rule for broker reporting on digital assets until January 1, 2028.