US lawmakers call for change in corporate digital asset taxes

Description

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.

Authors

Turner Wright

Publish date

May 13, 2025

Publisher

Cointelegraph

Web URL

https://cointelegraph.com/news/us-senators-change-crypto-taxes

Referenced by

Sen. Lummis and Moreno call to eliminate CAMT on unrealized crypto profits

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News story

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.

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The Inflation Reduction Act, which went into effect in 2023, imposes a 15% minimum tax on companies that report more than $1 billion in profits for three consecutive years. The measure would seemingly include unrealized crypto gains and losses, leading to Lummis’ and Moreno’s calls for the Treasury Department to “act swiftly.”

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