Source: Cointelegraph
Original: “US Senators Call for Reform of Corporate Digital Asset Tax Policy”
Two U.S. senators are urging Treasury Secretary Scott Bessent to “exercise [department] authority” to amend a provision affecting the taxation of corporate holdings in digital assets.
In a letter dated May 12, 2025, Senators Cynthia Lummis and Bernie Moreno suggested that Bessent has the authority to change the definition of “adjusted financial statement income” under existing U.S. law to reduce the tax burden on digital asset companies. The proposed adjustment is seen as a way to amend a provision in the Inflation Reduction Act, which was signed into law in 2022.
Cynthia stated in a post on X on May 13: “If U.S. companies face higher taxes than foreign competitors, our advantage in digital finance will be at risk.”
According to the two senators, the proposed modification would provide “relief for companies investing in digital assets.” Cynthia has been one of the most outspoken advocates for digital assets in Congress, while Bernie took office in January 2025, having received approximately $40 million from a crypto-backed political action committee for his 2024 Senate campaign.
The Inflation Reduction Act, which took effect in 2023, imposes a 15% minimum tax on companies reporting over $1 billion in profits for three consecutive years. The measure appears to include unrealized crypto gains and losses, prompting Cynthia and Bernie to call for the Treasury to “act swiftly.”
The senators' call comes as Senate members are expected to vote again on the “Guidance and Establishment of a National Stablecoin Innovation Act” (referred to as the GENIUS Act), which aims to regulate payment stablecoins in the U.S. A motion to consider the bill failed to advance in the Senate on May 8 due to opposition from Democratic members regarding Trump's ties to the crypto industry.
As one of the co-sponsors of the bill, Cynthia stated that she will continue to support digital asset regulation. The Senate may hold another vote in a few days.
Related: South Korea's Democratic Party Establishes "Digital Asset Committee"
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