U.S. Senators Request Treasury Exemption for Unrealized Crypto Gains from CAMT 🇺🇸
Senators Lummis and Moreno are proposing a crucial exemption for unrealized cryptocurrency gains from the Corporate Alternative Minimum Tax (CAMT). This move comes in response to a 2023 accounting rule by FASB, which mandates fair value reporting of digital assets. The rule could burden companies with taxes on unrealized gains.
Lawmakers caution that such tax obligations might compel businesses to liquidate their holdings or relocate overseas, potentially harming the U.S. crypto industry. In a related move, Missouri has passed a bill eliminating all capital gains tax, signalling a trend towards more crypto-friendly regulations.
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