Matt Gaetz\u2019s bill seeks to amend the Internal Revenue Code of 1986.<\/p>\n
The Republican Congressman from Florida, Matt Gaetz, has introduced a bill to allow U.S. taxpayers to pay federal taxes in Bitcoin.<\/p>\n
\u201cBy enabling taxpayers to use Bitcoin for federal tax payments, we can promote innovation, increase efficiency, and offer more flexibility to American citizens,\u201d wrote<\/a> Gaetz on X. \u201cThis is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the U.S. remains at the forefront of technological advancement.\u201d<\/p>\n If enacted, the legislation would modify the Internal Revenue Code of 1986 and order Treasury Secretary Janet Yellen, a staunch opponent of cryptocurrency, to develop a plan for accepting Bitcoin as a legitimate form of currency for federal tax payments.<\/p>\n The bill comes amid a broadening political embrace of crypto in the United States. Gaetz is tag-teaming pro-Bitcoin legislation with his party\u2019s presidential nominee, Donald J. Trump, who has flipped his stance<\/a> on digital assets and made the industry a central part of his campaign.<\/p>\n On the other side of the aisle, Democrats have realized that crypto is increasingly a point of interest for Americans, and President Joe Biden has also been warming up<\/a> to the digital asset industry.<\/p>\n Apart from his Bitcoin bill, Gaetz has been in the headlines lately for alleged seedy behavior. He is being investigated by the House Ethics Committee over claims of sexual misconduct and illicit drug use.<\/p>\n