In brief
- U.S. Senators Cynthia Lummis (R-WY) and Bernie Moreno (R-OH) urged the Treasury to exempt unrealized crypto gains from a Biden-era tax rule they say unfairly burdens U.S. companies.
- The 2022 Corporate Alternative Minimum Tax (CAMT), combined with new FASB accounting rules, could force firms to pay taxes on digital assets they haven’t sold.
- The letter follows a wave of pro-crypto actions under President Trump, including his April repeal of the IRS’s controversial DeFi broker rule.
Pro-crypto lawmakers have demanded immediate action to stop a Biden-era tax policy that is putting U.S. crypto firms at risk of paying millions in taxes on profits they haven’t even realized.
In a joint letter sent Tuesday to Treasury Secretary…
