US Senators Push for Corporate Crypto Tax Overhaul

US Senators Push for Corporate Crypto Tax Overhaul

Senators Cynthia Lummis and Bernie Moreno advocate for changes to US corporate digital asset taxation in a letter sent on May 12, 2025, to Treasury Secretary Scott Bessent.

The proposal could affect how digital assets are taxed in the US, impacting corporate holders and market strategies.

The joint letter from Senators Lummis and Moreno, sent on May 12, seeks to amend tax policies affecting digital asset companies. They emphasize the need for competitive tax rates against global counterparts. Treasury Secretary Scott Bessent is urged to alter “adjusted financial statement income” definitions to aid business competitiveness.

“Our edge in digital finance is at risk if US companies are taxed more than foreign competitors.” – Senator Cynthia Lummis

The proposed adjustment targets specific provisions in the Inflation Reduction Act impacting digital assets.

Immediate effects might include shifts in corporate tax liabilities and potential changes in the cryptocurrency investment landscape. Corporations could see reduced tax burdens, altering their financial strategy for crypto assets. The proposal carries financial implications as significant as reducing taxes on over $1 billion profit-making companies. Political dynamics may also shift, heralding broader support for digital finance growth within legislative chambers.

The letter resonates amid recent legislative movements, including repealing certain DeFi regulations and proposing a comprehensive digital asset regulatory framework . The Senators’ efforts align with historical trends aiming to foster a more crypto-friendly US economic environment. Adapting to these changes may define digital asset sectors’ strategic initiatives.