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Senators Cynthia Lummis and Bernie Moreno argue that without regulatory relief, U.S. corporations may be forced to liquidate digital assets to cover tax obligations on unrealized gains, placing them at a competitive disadvantage compared to foreign firms with different accounting standards

Senators Cynthia Lummis and Bernie Moreno urged the U.S. Treasury Department to exclude unrealized gains on digital assets from corporate taxation, arguing that the current framework would result in unfair tax burdens

Senators Cynthia Lummis and Bernie Moreno asked Treasury Secretary Scott Bessent to act swiftly and revise the definition of Adjusted Financial Statement Income by excluding unrealized gains and losses on digital assets

Senators Cynthia Lummis and Bernie Moreno claim that unfair taxation of unrealized gains on digital assets stems from the unintended interaction between the Inflation Reduction Act’s Corporate Alternative Minimum Tax (CAMT) and the Financial Accounting Standards Board’s new mark-to-market reporting rules

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