US lawmakers call for change in corporate digital asset taxes

Senators Cynthia Lummis and Bernie Moreno asked Treasury Secretary Scott Bessent to “act swiftly” to change a definition in a law impacting digital asset taxes for US companies. Two US senators are calling on Treasury Secretary Scott Bessent to “exercise [the department’s] authority” and change a provision affecting taxes on corporate holdings of digital assets. In a May 12 letter, Senators Cynthia Lummis and Bernie Moreno suggested Bessent had the authority to change the definition of “adjusted financial statement income” under existing US law in a way that could reduce what digital asset companies pay in taxes. The proposed adjustment was suggested as a way to modify a provision of the Inflation Reduction Act, signed into law in 2022. “Our edge in digital finance is at risk if US companies are taxed more than foreign competitors,” said Lummis in a May 13 X post. Read more