Unrealized Capital Gains Tax Threatens Crypto Investors, Says Among Us CEO

COINOTAG reported on October 3 that Zac Townsend, CEO and co-founder of Among Us, has expressed concerns regarding Harris’s proposed tax on unrealized capital gains. This tax initiative, aiming to levy taxes on the appreciation of cryptocurrency assets regardless of sale, diverges from the norm where taxes are generally applied to gains upon actualized sales. Townsend argues that this could adversely impact cryptocurrency investors and the broader economic landscape. The tax policy threatens the foundational value proposition of cryptocurrencies, touted as a store of value free from centralized government influence. By incentivizing large-scale investors to divest holdings to meet tax obligations, this could lead to a market downturn, adversely impacting cryptocurrency valuations. Consequently, this would not only reduce returns for casual or small-scale investors but also hinder financial growth for those investing modest amounts in pursuit of economic betterment.