Senate Reviews Crypto Taxes Following CAMT Guidance By IRS

The US Senate Finance Committee will hold a hearing Wednesday on cryptocurrency taxation, a day after the Treasury Department and Internal Revenue Service (IRS) issued interim guidance easing corporate crypto tax rules.

The Treasury and IRS on Tuesday issued interim guidance aimed at easing compliance under the Corporate Alternative Minimum Tax (CAMT), including for companies operating in the digital assets sector.

Signed into law under former President Joe Biden as part of the Inflation Reduction Act of 2022, CAMT imposes a 15% minimum tax on the financial statement income of large corporations.

The two pieces of the latest interim guidance, Notice 2025-46 and Notice 2025-49, intend to “reduce compliance burdens and provide clarity on complex areas of the CAMT” until final regulations are issued.

Excluding unrealized gains

One of the guidance documents, Notice 2025-49, provides guidance on applying the CAMT under Sections 55, 56A and 59 of the Internal Revenue Code.

It particularly details amendments to Adjusted Financial Statement Income (AFSI), allowing digital asset companies to exclude unrealized gains and losses on digital assets held as fair value assets from CAMT income.

“Depending on the applicable financial accounting principles, this interim guidance may apply to holdings of digital assets,” Notice 2025-49 states.

Related: US government poised to shut down: Will it affect crypto market structure bill?

According to journalist Eleanor Terrett, companies like Michael Saylor’s Strategy — which holds more than 640,000 Bitcoin (BTC) with $13.5 billion in year-to-date unrealized gains — would have faced billions in CAMT liability without relief.

Senate hearing on digital asset taxation

The latest guidance from the IRS came a day before the Senate hearing on “Examining the Taxation of Digital Assets” on Wednesday.

The hearing will be led by the Finance Committee’s Chair, Mike Crapo, with the participation of Coinbase vice president of tax Lawrence Zlatkin and Coin Center policy director Jason Somensatto.

The hearing follows the White House Digital Asset Working Group’s crypto recommendations in July, which urged lawmakers to recognize crypto as a new asset class and adjust tax rules for securities and commodities to digital assets.