Two US senators, Cynthia Lummis and Bernie Moreno, have called on Treasury Secretary Scott Bessent to use the department's authority to amend a tax provision affecting corporate holdings of digital assets. They proposed adjusting the definition of 'adjusted financial statement income' under existing US law to potentially lower taxes for digital asset companies. This change aims to address concerns about US companies being taxed more than foreign competitors in the digital finance sector. The senators argue that modifying the provision of the Inflation Reduction Act, which imposes a 15% minimum tax on profitable companies, could provide relief to corporations investing in digital assets. Lummis, a prominent digital asset advocate, and Moreno, who recently took office, are pushing for swift action from the Treasury Department. Additionally, Lummis continues to support digital asset regulation, with the Senate expected to revisit the GENIUS Act for regulating payment stablecoins. Read more AI-generated news on: https://app.chaingpt.org/news