US lawmakers call for change in corporate digital asset taxes
Two US senators, Cynthia Lummis and Bernie Moreno, urged Treasury Secretary Scott Bessent to modify tax provisions affecting corporate holdings of digital assets. They proposed changing the definition of “adjusted financial statement income” to reduce tax burdens on digital asset companies, citing concerns that higher taxes could disadvantage US firms against foreign competitors. This adjustment relates to the Inflation Reduction Act, which imposes a 15% minimum tax on companies with over $1 billion in profits, including unrealized crypto gains. The senators emphasized the need for swift action from the Treasury Department. Concurrently, the Senate is expected to vote on the GENIUS Act, aimed at regulating payment stablecoins, after a previous motion failed due to opposition from Democratic lawmakers regarding Donald Trump’s connections to the crypto sector. Lummis remains committed to supporting digital asset regulation.
