U.S. Senators Push for Clarity on Crypto Tax Burden

Two US senators, Cynthia Lummis and Bernie Moreno, have urged the Treasury Department to address the tax burden facing U.S. cryptocurrency companies. They expressed concern that current regulations are creating an unfair disadvantage compared to international competitors. This issue stems from the introduction of the Corporate Alternative Minimum Tax (CAMT) in 2022 under the Inflation Reduction Act. The new rule, based on financial statement income rather than taxable income, has recently impacted crypto firms as accounting rules shifted to mark-to-market reporting for digital assets like Bitcoin.