Senators Seek to Shield Crypto Investors from Unrealized Gains Tax

U.S. Senators Cynthia Lummis and Bernie Moreno urged the Treasury Department to exempt unrealized crypto gains from new tax rules proposed under the Biden administration’s framework for cryptocurrency taxation. They raised concerns that these rules, which would apply to newly enacted accounting regulations, could impose taxes on companies holding unsold crypto assets. Senator Lummis, a vocal advocate for crypto innovation in the Senate, has been at the forefront of efforts to protect the industry from excessive regulation.