US Senators Seek Crypto Tax Relief, Express Concerns Over Impact on Firms

Two US Senators, Cynthia Lummis and Bernie Moreno, have requested the Treasury Department clarify the tax rules surrounding cryptocurrencies. They argue that current accounting standards, which require mark-to-market valuation of digital assets, create an unfavorable economic impact, potentially forcing corporations to sell their holdings for tax purposes. This could hinder U.S. companies from maintaining large digital asset portfolios and make them less competitive against international counterparts.