{"id":12039,"date":"2025-05-14T01:42:32","date_gmt":"2025-05-13T23:42:32","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=12039"},"modified":"2025-05-14T01:42:32","modified_gmt":"2025-05-13T23:42:32","slug":"us-legislators-push-for-reform-in-corporate-digital-asset-taxation","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/05\/14\/us-legislators-push-for-reform-in-corporate-digital-asset-taxation\/","title":{"rendered":"US Legislators Push for Reform in Corporate Digital Asset Taxation"},"content":{"rendered":"

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Two US senators are urging Treasury Secretary Scott Bessent to \u201cutilize [the department\u2019s] powers\u201d and amend a clause impacting taxes on corporate ownership of digital assets.<\/p>\n

In a letter dated May 12, Senators Cynthia Lummis and Bernie Moreno indicated<\/a> that Bessent possessed the capability to alter the definition of \u201cadjusted financial statement income\u201d 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.<\/p>\n

\u201cOur advantage in digital finance is jeopardized if US firms face higher taxes than their international rivals,\u201d stated<\/a> Lummis in a post on X on May 13.<\/p>\n

May 12 letter to Treasury Secretary Scott Bessent. Source: <\/em>Cynthia Lummis<\/em><\/a><\/figcaption><\/figure>\n

According to the two senators, the proposed alteration would provide \u201crelief to companies investing in digital assets.\u201d 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<\/a> to back his 2024 Senate campaign.<\/p>\n

Related: <\/strong><\/em>Arizona governor vetoes two crypto bills, tightens regulations on Bitcoin ATMs<\/strong><\/em><\/a><\/p>\n

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\u2019 and Moreno\u2019s calls for the Treasury Department to \u201ctake prompt action.\u201d<\/p>\n

Senate poised for second vote on stablecoin legislation<\/h2>\n

The request from the two senators coincided with lawmakers in the Senate preparing to deliberate another vote<\/a> on the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act \u2014 legislation intended to govern payment stablecoins in the US. A motion for consideration failed to advance<\/a> in the Senate on May 8 due to pushback from Democratic lawmakers regarding Donald Trump\u2019s association with the crypto sector.<\/p>\n

Lummis, one of the bill\u2019s co-sponsors, asserted<\/a> that she would continue backing digital asset regulation. The Senate could initiate another vote within days.<\/p>\n

Magazine: <\/strong><\/em>Best and worst nations for crypto taxes \u2014 along with crypto tax advice<\/strong><\/em><\/a><\/p>\n