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Republican Senators Cynthia Lummis and Bernie Moreno are urging the US Treasury to revise crypto tax laws, arguing that current regulations unfairly burden American firms compared to foreign competitors. Their push aims to maintain the US’s competitive edge in digital finance by addressing unintended tax liabilities on unrealized crypto gains.
- Senators Lummis and Moreno highlight the unintended consequences of the corporate alternative minimum tax (CAMT) on US crypto firms, which face taxes on unrealized gains.
- The Inflation Reduction Act's CAMT imposes a 15% tax burden, creating a competitive disadvantage for US digital asset companies compared to foreign counterparts.
- The senators urge the Treasury to amend the law, either by reducing the tax or excluding unrealized gains, to foster a fairer environment for crypto innovation.
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