Are US Lawmakers About to Give Crypto Companies an Undeserved Tax Break?

On the 12th of May, these esteemed senators delicately hinted (with all the subtlety of a grand ball announcement) that Mr. Bessent possesses power to refine the very definition of “adjusted financial statement income” as specified by the laws of the land. Such an alteration—oh scandalous!—could reduce the coins flowing from digital asset firms into the ever-eager hands of the taxman. This proposal is, ostensibly, a gracious nod toward amending the famed Inflation Reduction Act of 2022, a legislative concoction dear to many bureaucrats and loathed by accountants far and wide.