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U.S. Senators Cynthia Lummis and Bernie Moreno are pushing the Treasury to exempt unrealized crypto gains from a Biden-era tax rule, arguing it unfairly burdens American firms. The 2022 Corporate Alternative Minimum Tax (CAMT), combined with new FASB accounting rules, could force companies to pay taxes on digital assets they haven’t sold. This move follows a series of pro-crypto actions under the Trump administration.
- The 2022 Corporate Alternative Minimum Tax (CAMT) combined with FASB accounting rules may force U.S. firms to pay taxes on unrealized crypto gains.
- Senators Lummis and Moreno warn this policy distorts markets and penalizes American companies, putting them at a disadvantage against foreign competitors.
- The Treasury is urged to issue interim guidance to exclude unrealized crypto gains from taxable income under CAMT to prevent harmful economic effects.
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