Semafor interviews Coinbase CEO Brian Armstrong, Sens. Kirsten Gillibrand and Cynthia Lummis

Semafor interviews Coinbase CEO Brian Armstrong, Sens. Kirsten Gillibrand and Cynthia Lummis

Watch live on May 14 at 6:15 PM ETSemafor’s Eleanor Mueller sits down with Coinbase CEO Brian Armstrong and Senators Kirsten Gillibrand and Cynthia Lummis for a timely discussion about the future of innovation and regulation in the digital asset space.

Senators question crypto tax rules – Will policy reform come in time?

Senators urge Treasury to exclude unrealized crypto gains from CAMT tax calculations. CAMT and new accounting rules risk driving U.S. crypto firms offshore. A growing divide between crypto innovation and federal tax policy has sparked urgent reform demands from pro-crypto lawmakers. Senators Cynthia Lummis and Bernie Moreno oppose the Biden-era Corporate Alternative Minimum Tax (CAMT). They warn it could impose huge tax liabilities on U.S. crypt…

Senators Demand Crypto Tax Reform in the U.S. - The Cryptocurrency Post

TL;DR Two U.S. senators, Cynthia Lummis and Bernie Moreno, have urged the Treasury Department to correct a tax provision that could force companies to pay taxes on unrealized gains from crypto assets. The tax, part of President Biden’s “Inflation Reduction Act”, unfairly impacts American companies compared to their foreign competitors. They propose excluding digital assets from the tax calculation to protect innovation and competitiveness. At a…

Engineer Mohammed Al-Haddad, Chairman of the board of directors of Idgecom, which specializes in digital solutions and digital transformation, confirmed that the new tax facilities approved by the government, in parallel with the expansion of the digital transformation of the tax system, represent a qualitative shift in the way of building a modern, efficient, just and transparent digital economy.

Senators Urge Treasury to Rethink Tax on Unrealized Crypto Gains

The Senators said the tax rule would leave U.S. firms at a disadvantage to foreign competitors and urged Treasury to “act swiftly.”

U.S. Senators Push to Shield Crypto Firms from Punitive Tax Rules

The proposal seeks to amend how digital assets are treated under the Corporate Alternative Minimum Tax (CAMT), a 15% minimum tax targeting large corporations introduced through the 2022 Inflation Reduction Act. The issue, according to the senators, is the requirement for companies to include unrealized gains from cryptocurrency holdings in their adjusted financial statement income (AFSI) — the basis for CAMT liability. The push comes in response…