Two U.S. senators are urging Treasury Secretary Scott Bessent to “use the department’s power” to modify a regulation concerning taxes on corporations’ digital asset holdings.
In a letter dated May 12, Senators Cynthia Lummis and Bernie Moreno wrote
suggested
Bessent possessed the power to alter the interpretation of “adjusted financial statement income” within current U.S. legislation, which might result in lower tax payments from digital asset firms. This proposed modification aimed to tweak a section of the Inflation Reduction Act enacted in 2022.
The advantage we have in digital finance could be jeopardized if American businesses face higher taxes compared to their international counterparts,
said
Lummis in an X post from May 13.
The two senators assert that the suggested change would offer “respite to companies investing in digital assets.” Lummis has consistently been among the leading proponents of digital assets within Congress, whereas Moreno assumed his position in January following support from cryptocurrency-related political action committees.
spent roughly $40 million
To back his 2024 Senate campaign.
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The Inflation Reduction Act, implemented in 2023, mandates a 15% minimal tax on businesses reporting over $1 billion in earnings for three successive years. This provision appears to encompass uncrystallized cryptocurrency gains and losses, prompting Lummis and Moreno to urge the Treasury Department to “take prompt action.”
The Senate is waiting for the second vote on the stablecoin legislation.
The phone call from the two senators occurred as legislators in the Senate were
anticipated to contemplate an additional ballot
On the Guiding and Establishing National Innovations for U.S. Stablecoins, or GENIUS Act — legislation aimed at regulating payment stablecoins within the United States. A proposal has been made for this act’s deliberation.
failed to move forward
In the Senate on May 8, owing to resistance from Democratic legislators regarding Donald Trump’s connections to the cryptocurrency sector.
Lummis, one of the bill’s co-sponsors,
suggested
She stated her commitment to backing the regulation of digital assets. The Senate might hold an additional vote within days.
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