US Senators Propose Crypto Tax Exemption for Unrealized Gains

Two U.S. senators, Cynthia Lummis and Bernie Moreno, are calling for a change to the tax code that would exempt unrealized cryptocurrency gains from taxation. Their proposal aims to reduce the competitiveness disadvantage faced by U.S. companies operating in the volatile digital asset sector. 📚

Currently, the corporate alternative minimum tax (CAMT) includes unrealized gains when calculating taxes on companies with significant holdings of cryptocurrencies like Bitcoin and Ethereum. This tax regime potentially pushes businesses to move their operations overseas if not resolved.