US Senator Cynthia Lummis, along with her colleague Senator Bernie Moreno, has called on the US government to reconsider the tax regime for cryptocurrencies.
Lawmakers are proposing to free US companies from an «unfair tax burden» by changing the way they account for unrealized profits from digital assets.
Currently, corporations with revenues exceeding $1 billion a year pay at least 15% in taxes. Lummis-Moreno’s proposal argues that applying this rule to unrealized profits hurts U.S. crypto firms.
Lummis believes that American companies will be taxed more than their foreign competitors in digital finance, which could hinder the US from leading the sector globally.
One such analyst expressed the opinion that the presented bill will significantly speed up the adoption of cryptocurrency.
Lummis and Moreno are targeting a new Financial Accounting Standards Board rule that requires companies to report digital assets on their financial statements at fair market value. The rule, lawmakers say, also makes it harder to compete on a level playing field.
