POWELL “ some loosening” on crypto and banking regulations This means America’s in trouble, | Wendy O on Binance Square

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POWELL “ some loosening” on crypto and banking regulations
This means America’s in trouble,

Sourced from @CryptoWendyO from 𝕏

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Lawmakers Urge Treasury To Reconsider Biden-Era Tax Rule On Unrealized Crypto Gains Senators Cynthia Lummis and Bernie Moreno are urging the U.S. Treasury to revise a Biden-era tax rule that could force crypto firms to pay taxes on unrealized gains due to new accounting standards. Under the 2022 Corporate Alternative Minimum Tax (CAMT), companies must include mark-to-market crypto valuations in taxable income, potentially leading to forced asset sales. The senators argue this policy harms U.S. competitiveness and was an unintended consequence of overlapping tax and accounting rules. They’re calling for immediate guidance to exclude unrealized gains and prevent damage to the industry. Source: Decrypt

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