Two U.S. senators urge the Treasury Department to clarify encryption tax rules to avoid "unfair taxation".

GateUser-6433627c · 2025-05-13T21:59:40+00:00

Two Republican senators urged the Treasury Department to clarify the tax rules for Crypto Assets to avoid unfair taxation, arguing that the new regulations could lead to inequitable taxes and stifle investment in the United States. They emphasized the need for a clear explanation of the tax implications for unrealized gains in digital assets, to prevent companies from being forced to sell assets to pay taxes, which would undermine fairness and penalize companies that innovate financial strategies. They are willing to respond promptly to tax policies related to Crypto Assets.

GateUser-6433627c

2025-05-13 21:59:40

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[US Senators Urge Treasury to Clarify Crypto Tax Rules to Avoid “Unfair Taxation”] Supporting Crypto Assets Republican Senator Cynthia Lummis and Bernie Moreno sent a letter to Treasury Secretary Scott Bessent on Tuesday, stating that the corporate alternative minimum tax and new accounting standards would “impose unfair taxation on unrealized gains,” which “could ultimately stifle investment in the US.” The two lawmakers stated: “Without a clear explanation of unrealized gains for digital assets, companies may be forced to sell assets to pay taxes, making them reluctant to hold significant amounts of digital assets.” They urged the Treasury to “act swiftly” to “prevent a harmful and unintended tax policy from taking effect,” avoiding “distorting the market and punishing US companies that adopt innovative financial strategies.”

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