Senators Call for Clarification of Crypto Tax Rules, Threatening Innovation

Two Republican Senators, Cynthia Lummis (WY) and Bernie Moreno (OH), are raising concerns about potential tax complications facing U.S. companies holding digital assets. In a letter to Treasury Secretary Scott Bessent, they urged the department to clarify how the Corporate Alternative Minimum Tax (CAMT) applies to unrealized gains from cryptocurrencies like Bitcoin. These Senators argue that the combination of CAMT and new Financial Accounting Standards Board (FASB) rules could create unfair tax liabilities.