Two U.S. Senators Call for Changes to Cryptocurrency Tax Regulations
Senators Cynthia Lummis and Bernie Moreno urged Treasury Secretary Scott Bessent to use his authority to change regulations affecting digital asset taxation. Their letter dated May 12 proposed changing the definition of 'adjusted financial income,' which could reduce the taxes that cryptocurrency companies have to pay.
Global Competitive Risks
According to Lummis, the U.S. advantage in digital finance could be affected if domestic companies are taxed higher than foreign competitors. This adjustment aims to alleviate regulations from the Inflation Reduction Act, signed in 2022, which imposes a minimum 15% tax on companies with profits over $1 billion for three consecutive years.
Support for Cryptocurrency Businesses
The two senators argue that this amendment will help businesses investing in cryptocurrency lighten their financial burden. Lummis, a strong advocate for cryptocurrency in Congress, emphasized the importance of acting swiftly.
New Vote on Stablecoin Legislation
The call from Lummis and Moreno comes as the Senate prepares to reconsider the GENIUS Act, aimed at regulating stablecoins in the United States. The previous vote failed due to opposition from Democratic lawmakers regarding Donald Trump's relationship with the cryptocurrency industry.
Commitment to Support Cryptocurrency Regulation
Lummis, who co-sponsored the bill, is committed to continuing support for the regulation of digital assets. The Senate is expected to vote again in the coming days.
Source: https://tintucbitcoin.com/quoc-hoi-hoa-ky-yeu-cau-cai-cach-thue-tai-san-so/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
