US Senators Push for Tax Change on Digital Asset Holdings

Two US senators, Cynthia Lummis and Bernie Moreno, are urging Treasury Secretary Scott Bessett to adjust a provision regarding corporate taxation on digital assets. In a letter dated May 12th, they suggested that the definition of ‘adjusted financial statement income’ under existing law should be modified to lessen tax burdens on digital asset companies. This proposed modification would stem from adjustments to provisions within the Inflation Reduction Act, enacted in 2022.