The U.S. Treasury has granted tax breaks to large companies, including cryptocurrency firms, without legislative approval.

Foresight News reported, according to The New York Times, that the U.S. Treasury Department has provided tax breaks this year to private equity firms, cryptocurrency companies, foreign real estate investors, and other large corporations. In October this year, the Internal Revenue Service (IRS) issued new proposed regulations that would offer benefits to foreign investors in U.S. real estate. In August, the IRS proposed relaxing rules designed to prevent multinational companies from avoiding taxes by claiming duplicate losses in multiple countries.

The New York Times stated that these announcements have not yet made media headlines, but have been noticed by accounting and consulting firms. Kyle Pomerleau, a senior fellow at the American Enterprise Institute, said that the U.S. Treasury Department has clearly been implementing tax cuts without legislative approval. The Constitution stipulates that Congress decides tax law, while the Treasury Department is asserting greater authority over the structure of tax law than Congress has granted, undermining this constitutional principle.