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Senators Urge Treasury to Revise Crypto Tax Policy to Maintain U.S. Competitiveness
Senators Urge Treasury to Revise Crypto Tax Policy to Maintain U.S. Competitiveness
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U.S. Senators Cynthia Lummis and Bernie Moreno have pressed Treasury Secretary Scott Bessent to amend the definition of "adjusted financial statement income" under current tax law. The proposed revision, targeting provisions in the Inflation Reduction Act, aims to reduce the tax burden on digital asset firms and prevent competitive disadvantages against foreign counterparts.
"Our edge in digital finance is at risk if U.S. companies are taxed more than foreign competitors," warned Senator Lummis in a May 12 letter. The Treasury Department holds authority to implement the change unilaterally, bypassing legislative gridlock.
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