The U.S. Treasury Department has issued new guidance clarifying that unrealized gains on digital asset holdings will not be subject to the Corporate Alternative Minimum Tax (CAMT), a move that spares companies like Michael Saylor’s Strategy from potentially billions of dollars in phantom tax liabilities.

The decision marks a pivot from the Biden-era tax framework and comes as debate picks up in Congress over how to regulate and tax digital assets. Even today there is a hearing on crypto taxation in the Senate Finance Committee.

The CAMT, enacted in 2022, imposes a 15% minimum tax on corporations earning over $1 billion in annual income, based on their financial statement…

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