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

Internet reported that Republican Senators Cynthia Lummis and Bernie Moreno, who support cryptocurrency, sent a letter to Treasury Secretary Scott Bessent on Tuesday, saying that alternative minimum taxes and new accounting standards for businesses would "create an unfair tax on unrealized gains" that "may ultimately inhibit U.S. investment." "Without a clear explanation of the unrealized gains on digital assets, companies may have to sell assets to pay taxes, which will make them reluctant to hold large amounts of digital assets," the two lawmakers said. They urged the Treasury to "act quickly" to "prevent a harmful and unintended tax policy from taking effect" and avoid "undermining fairness, distorting markets, and punishing U.S. companies that adopt innovative financial strategies."

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