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U.S. lawmakers call for a change in taxes on corporate digital assets

Senators Cynthia Lummis and Bernie Moreno urged Treasury Secretary Scott Bessent to "act quickly" to change a definition in a law that affects taxes on digital assets for U.S. companies.

Two U.S. senators are asking Treasury Secretary Scott Bessent to “exercise [the department's authority]” and modify a provision affecting taxes on corporate holdings of digital assets.

In a letter dated May 12, Senators Cynthia Lummis and Bernie Moreno suggested that Bessent had the authority to change the definition of “adjusted financial income” under current U.S. law in a way that could reduce what digital asset companies pay in taxes. The proposed adjustment was suggested as a way to amend a provision of the Inflation Reduction Act, enacted in 2022.

“Our advantage in digital finance is at risk if U.S. companies are taxed more than their foreign competitors,” Lummis said in a post on X on May 13.