The bill was introduced by Rep. Warren Davidson (R\u2011Ohio).<\/p>\n
Rep. Warren Davidson (R\u2011Ohio) introduced the Bitcoin For America Act this week, a bill that would allow Americans to pay federal taxes in Bitcoin (BTC).<\/p>\n
Under the bill<\/a>, all Bitcoin collected would go into a Strategic Bitcoin Reserve. No more than 5% of the reserve could be sold in a year, and most funds would be held for at least 20 years. Taxpayers would pay using Bitcoin\u2019s value at the time of transfer and would not owe capital gains taxes.<\/p>\n Bitcoin is currently the largest cryptocurrency, with a market value of more than $1.75 trillion. The token is trading at $87,887, down 2% on the day, according to The Defiant\u2019s price page.<\/a><\/p>\n The measure aims to modernize U.S. financial policy, strengthen the national balance sheet, and position the country as a leader in digital assets. This comes during a presidential administration that has promised to make the U.S. the \u201ccrypto capital of the world.\u201d<\/p>\n \u201cOther nations\u2014including but not limited to China, Russia, and emerging economies\u2014actively acquire Bitcoin to diversify their reserves and hedge against global financial instability, such that the United States risks falling behind in this strategic race,\u201d the bill reads. <\/p>\n Earlier this year, President Donald Trump established a separate U.S. Strategic Bitcoin Reserve by executive order<\/a> to hold Bitcoin seized through criminal and civil forfeiture proceedings, rather than selling it at auction. As of today, the U.S. holds 198,012 BTC, worth around $17 billion. <\/p>\n This bill would also empower the Treasury Secretary to work with regulated banks to receive, store, convert, and send Bitcoin as needed. The reserve would employ robust security measures, including cold storage and multi-signature wallets.<\/p>\n