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U.S. Senators Push for Crypto Tax Reform to Enhance Global Competitiveness
U.S. Senators Push for Crypto Tax Reform to Enhance Global Competitiveness
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Republican Senator Cynthia Lummis has urged the U.S. Treasury Department to overhaul cryptocurrency tax policies, warning that current regulations disadvantage domestic firms. In a letter co-signed by Ohio Senator Bernie Moreno, Lummis highlighted how the Inflation Reduction Act’s 15% Corporate Alternative Minimum Tax creates unequal burdens for crypto businesses.
The lawmakers specifically criticized tax treatment of unrealized gains on digital assets, arguing this puts American companies at a competitive disadvantage against foreign rivals. Their intervention comes as the Treasury faces mounting pressure to align crypto frameworks with global standards while maintaining tax compliance.
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