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U.S. Senators Challenge Treasury on Unrealized Crypto Gains Taxation
U.S. Senators Challenge Treasury on Unrealized Crypto Gains Taxation
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Senators Cynthia Lummis (R-WY) and Bernie Moreno (R-OH) are pressing the Treasury Department to revise a Biden administration tax rule that imposes liabilities on unrealized cryptocurrency gains. The 2022 Corporate Alternative Minimum Tax (CAMT), compounded by new FASB accounting standards, could mandate U.S. firms to prepay taxes on digital assets held—even without liquidation events.
The legislative push follows a series of pro-crypto measures under the TRUMP administration, including April’s rollback of the IRS’s contentious DeFi broker guidance. Critics argue the current policy creates an uneven playing field, forcing domestic companies to front millions in hypothetical tax obligations while foreign competitors operate unencumbered.
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