Regulation
Florida Lawmaker Introduces “Bitcoin for Taxes” Bill
A Florida lawmaker has introduced a bill that would greenlight Bitcoin as an approved payment method for federal taxes.
On Tuesday, Republican Rep. Matt Gaetz proposed a bill that would allow U.S. citizens to pay their federal tax obligations using Bitcoin (BTC). Gaetz said the modernized tax system would foster innovation, increase efficiency and maintain U.S. leadership in technological advancement.
By a official statement from Gaetz’s staff, the policymaker was inspired to pass new legislation after personally witnessing the impact of Bitcoin in El Salvador. “This is a bold step toward a future where digital currencies play a vital role in our financial system,” Gaetz said.
Under pro-crypto President Nayib Bukele, El Salvador The country became the first country in the world to legalize Bitcoin. Despite criticism from the IMF and even the United States, the country continued its strategy around Bitcoin and made billions in unrealized profits on its investment.
Bitcoin Taxes and Crypto Bills
Gaetz’s Bitcoin for Taxes bill is new and has not yet been discussed in Congress. Still, if the bill moves forward, it could mirror part of Colorado state law that allows taxes to be paid in cryptocurrency. Colorado launched its crypto tax payment program in late 2022 and is the only jurisdiction across state lines with such policies.
Meanwhile, bipartisan lawmakers successfully passed the Financial Innovation and Technology for the 21st Century Act or CUT 21. The bill aims to regularize crypto oversight by dividing regulatory responsibilities between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
As Crypto News previously reported, Senators Maxine Waters and Patrick McHenry are also working on stable banknotes allow banks and other local financial institutions to issue tokens pegged to the US dollar.