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    US Legislators Push for Reform in Corporate Digital Asset Taxation

    wsjcryptoBy Nessun commento2 Mins Read

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    Two US senators are urging Treasury Secretary Scott Bessent to “utilize [the department’s] powers” and amend a clause impacting taxes on corporate ownership of digital assets.

    In a letter dated May 12, Senators Cynthia Lummis and Bernie Moreno indicated that Bessent possessed the capability to alter the definition of “adjusted financial statement income” under current US regulations in a manner that could lessen the tax burden on digital asset firms. The suggested modification was proposed as a means to revise a clause of the Inflation Reduction Act, enacted in 2022.

    “Our advantage in digital finance is jeopardized if US firms face higher taxes than their international rivals,” stated Lummis in a post on X on May 13.

    May 12 letter to Treasury Secretary Scott Bessent. Source: Cynthia Lummis

    According to the two senators, the proposed alteration would provide “relief to companies investing in digital assets.” Lummis has been among the most vocal proponents of digital assets in Congress, while Moreno took his seat in January after crypto-related political action committees expended approximately $40 million to back his 2024 Senate campaign.

    Related: Arizona governor vetoes two crypto bills, tightens regulations on Bitcoin ATMs

    The Inflation Reduction Act, which became effective in 2023, imposes a 15% minimum tax on corporations that declare more than $1 billion in profits for three consecutive years. This measure seemingly encompasses unrealized crypto gains and losses, prompting Lummis’ and Moreno’s calls for the Treasury Department to “take prompt action.”

    Senate poised for second vote on stablecoin legislation

    The request from the two senators coincided with lawmakers in the Senate preparing to deliberate another vote on the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act — legislation intended to govern payment stablecoins in the US. A motion for consideration failed to advance in the Senate on May 8 due to pushback from Democratic lawmakers regarding Donald Trump’s association with the crypto sector.

    Lummis, one of the bill’s co-sponsors, asserted that she would continue backing digital asset regulation. The Senate could initiate another vote within days.

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