U.S. Senators oppose cryptocurrency tax.

Senators Cynthia Lummis and Bernie Moreno have called on the U.S. Treasury Department to reconsider tax regulations that could negatively impact companies holding digital assets.

According to them, the issue lies in a recent update to the Financial Accounting Standards, which requires digital assets to be valued at fair market value.

The senators are urging the Treasury to issue interim guidance and amend the rules to ensure a fair and competitive tax environment for the U.S. crypto industry.
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