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Republican Senators Urge Treasury to Alleviate Cryptocurrency Tax Regulations for 'Equality' in Competition with Overseas Businesses

U.S. Senator Cynthia Lummis, a supporter of cryptocurrency from the Republican party of Wyoming, is urging the Treasury Department to loosen tax regulations on digital assets. This action is aimed at creating parity with overseas corporations.

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U.S. Senator Cynthia Lummis, a vocal supporter of cryptocurrency from Wyoming's Republican party,...
U.S. Senator Cynthia Lummis, a vocal supporter of cryptocurrency from Wyoming's Republican party, urges the Treasury Department to loosen crypto tax regulations to achieve parity with international competitors.

Crypto Tax Row: US Senator Pushes for Equal Playing Field with Foreign Companies

Republican Senators Urge Treasury to Alleviate Cryptocurrency Tax Regulations for 'Equality' in Competition with Overseas Businesses

Senator Cynthia Lummis of Wyoming, a Republican known for her pro-crypto stance, is advocating for a change in US crypto tax laws to provide a level playing field with foreign competitors. A recent post on social media platform X states that the current tax structure is putting US digital finance companies at a competitive disadvantage.

Lummis addressed the issue along with Senator Bernie Moreno of Ohio in a letter to the US Treasury, expressing concerns over the new corporate alternative minimum tax (CAMT) created by the Inflation Reduction Act. According to the letter, CAMT creates an unfair tax burden on certain companies when unrealized gains in the value of their digital assets are taken into account, discouraging US firms from holding large crypto assets.

Some key points in their letter include:

  • The unintended tax burden is a result of accounting standards set by the Financial Account Standards Board (FASB), which focuses on financial statement accounting rather than taxation principles.
  • Neither Congress nor FASB intended this outcome, as it is an unintended result of tax liability on decisions made by a private organization.
  • US companies are being taxed more than their foreign counterparts, posing a risk to the US’s edge in digital finance.

Lummis and Moreno are urging the US Treasury to ease this unintended tax burden by either changing the tax burden owed or excluding unrealized gains from the formula.

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  1. Senator Cynthia Lummis, a pro-crypto advocate, is calling for changes in US crypto tax laws to provide a fair competition for domestic digital finance companies, as they are currently at a disadvantage due to the current tax structure.
  2. Lummis and Senator Bernie Moreno have voiced concerns over the new corporate alternative minimum tax (CAMT) created by the Inflation Reduction Act, stating that it unfairly burdens certain companies by considering unrealized gains in the value of their digital assets, which can discourage US firms from holding large amounts of cryptocurrency.
  3. The senators are urging the US Treasury to alleviate this unintended tax burden by either modifying the tax liability or excluding unrealized gains from the calculation formula, to ensure that US companies are not at a competitive disadvantage compared to their foreign counterparts in the cryptocurrency industry.

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