U.S. Senators Lummis and Moreno have approached the Treasury for clarification on tax rules related to digital assets, citing potential economic impacts.
Request to the U.S. Treasury
Senators Lummis and Moreno formally sent a request to the U.S. Treasury on May 12, 2025, urging Secretary Scott Bessent to clarify tax treatment rules for unrealized gains in digital assets. This comes in light of changes in accounting standards.
Potential Economic Consequences
Lummis, an advocate for digital assets, and Moreno, supported by crypto groups, express concerns over the Corporate Alternative Minimum Tax. Without swift changes, companies may feel pressured to liquidate digital assets, affecting liquidity and financial stability.
Appeal to Lawmakers
The senators argue that without action from lawmakers, companies may be disincentivized from holding onto digital asset portfolios, putting U.S. firms at a disadvantage compared to international counterparts. "The current situation might require corporations to sell assets just to pay the tax, which would disincentivize entities from maintaining large holdings of digital assets," Senator Lummis stated.
The senators' appeal to the Treasury highlights growing concerns over the tax regulation of digital assets and its potential impact on the competitiveness of U.S. companies in the global market.
