Senators Lummis and Moreno Urge U.S. Treasury to Eliminate Tax on Unrealized Gains for Bitcoin and Digital Assets

Senators Cynthia Lummis and Bernie Moreno have jointly called on the U.S. Treasury Department to eliminate the tax on unrealized gains for digital assets, including Bitcoin. They argue that this tax constitutes an unintended burden on U.S. digital asset companies and threatens the country's competitive edge in the global digital finance market. The senators emphasize the need for a level playing field to maintain U.S. leadership in fintech innovation. This appeal follows legislative efforts to establish a regulatory framework for digital assets aimed at bringing clarity to the U.S. market and enhancing its position in global fintech.This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io