Congressman Matt Gaetz Introduces Bill to Allow American Citizens to Pay Federal Income Taxes Using Bitcoin

本项立法举措旨在促进美国金融体系内的创新并增强该体系内的效率。

Republican Congressman Matt Gaetz (FL-1) is introducing a bill that would allow American citizens to pay their federal income taxes using Bitcoin. This legislative move aims to foster innovation and enhance efficiency within the U.S. financial system. The bill seeks to amend the Internal Revenue Code of 1986. It directs the Treasury Secretary to establish a framework for accepting Bitcoin as a valid form of payment for federal taxes. The bill argues that this change will provide greater flexibility for taxpayers and ensure that the United States remains at the forefront of technological advancement. The bill outlines the need for the Treasury to create regulations for accepting Bitcoin payments. These regulations would include the immediate conversion of Bitcoin amounts received into their dollar equivalent after transactions. This process aims to resolve tax-related matters without the involvement of financial intermediaries. Gaetz’s proposal follows his recent visit to El Salvador, where he attended President Nayib Bukele’s second inauguration. Notably, El Salvador became the first country to adopt Bitcoin as a legal tender. Gaetz believes that the U.S. can learn from El Salvador’s approach to integrating digital currencies into the national financial system. The Congressman, known for his alignment with former President Donald Trump, has voiced support for Trump’s stance on cryptocurrency. Trump criticized President Joe Biden’s policies on crypto, pledging to support the growth and development of digital currencies in the United States. Several U.S. states, including New Jersey, Kentucky, and Colorado, have started to implement their own crypto tax regulations, allowing for cryptocurrency payments for state taxes. Gaetz’s bill aims to modernize the federal tax system by officially recognizing Bitcoin as a payment method for federal income taxes. The Internal Revenue Service (IRS) currently mandates the reporting of digital asset transactions and taxes on crypto-related income or gains. Gaetz’s bill would extend this by allowing taxpayers to fulfill their federal tax obligations directly with Bitcoin. If enacted, Gaetz’s legislation would mark a significant step in integrating cryptocurrencies into the mainstream financial system. By providing taxpayers with an alternative method of payment, the bill could increase the broader adoption of digital currencies. This legislative move is expected to draw significant attention from industry stakeholders and the general public, particularly regarding its impact on the evolving regulatory landscape surrounding cryptocurrencies. Bitcoin is trading at $61,551 at the time of writing, having **rebounded** from a dip to $58,400 earlier in the week. The cryptocurrency has gained over 2% in the past 24 hours. The market’s response to Gaetz’s bill and its potential implications for Bitcoin’s value and adoption will be closely monitored in the coming months. As a reminder, the House recently approved FIT21, a regulatory framework bill assigning full oversight of crypto trading to either the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). This bill aims to create a clear classification method to determine if a digital asset is a commodity or security, addressing one of the main obstacles to the industry’s growth in the US.

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