US Senators Dey Press Treasury Make Dem Revise Crypto Tax Rules on Unrealized Gains, E Talk Global Competitiveness
US Senators Cynthia Lummis and Bernie Moreno dey urge Treasury Department make dem comot the current crypto tax policies, dey complain say di current way dem dey tax unrealized profits under Corporate Alternative Minimum Tax (CAMT)—wey come from 2022 Inflation Reduction Act, no too pure. For dia May 2025 letter, dem talk say di new FASB accounting standards (ASU 2023-08) dey make US companies report dia crypto holdings at market value, wey mean dem go need pay tax for price rise even if dem never sell the assets. Di senators believe say this dey put US digital asset companies for disadvantaged position for worldwide market, fit stop people from holding crypto assets, and fit force dem sell wetin dem get before time. Dem suggest say Treasury use dia regulatory power (26 U.S.C. § 56A(c)(15)) make dem comot unrealized crypto gains and losses from CAMT calculations or adjust definitions to match di new standards. If no such reform, di lawmakers warn say US fit lose dia lead role for digital assets and fintech innovation. Treasury never talk anything yet. If policy change happen, e go affect investment plans, regulatory clarity, and di whole crypto trading environment for US well well.
Neutral
Even tho di senators proposal fit help reduce tax wahala and make pipo keep crypto assets for long time for US—wey fit boost market confidence and investment—e still dey for policy recommendation level. Di Treasury Department never put any change, and wetin go happen still dey uncertain. Since no immediate regulatory change or market wahala happen, short-term effect on crypto prices na neutral. But traders suppose dey observe regulatory developments, cos future change fit either make US digital assets more competitive or still hold dem down. Historically, pending regulatory proposals no too get immediate effect unless dem get concrete legislative or executive action.