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US Congressman’s “Bitcoin Law” aims to enable tax payments via Bitcoin

  • Republican U.S. Representative Matt Gaetz of Florida has introduced a bill that, if passed, would allow federal taxes to be paid with bitcoins.
  • Gaetz believes that this bill will not only put the US at the forefront of Bitcoin development, but will also make it easier for Americans to pay their taxes thanks to flexible payment options.
  • The bill follows closely on the heels of the Crypto Act, also known as FIT21. It has already passed the U.S. House of Representatives but still needs to be passed by the Senate.

US Representative Matt Gaetz introduces “Bitcoin Act” to enable federal tax payments via Bitcoin

US Representative Matt Gaetz, a Republican from Florida, has introduced a rather interesting bill that would allow Federal income taxes to be paid in Bitcoin.

Gaetz believes the move will increase efficiency, encourage innovation and make it easier for Americans to pay taxes by giving them more choices.

“This is a bold step toward a future where digital currencies play a critical role in our financial system and ensure that the United States remains at the forefront of technological advancement.” – Matt Gaetz

He also referenced a statement by former US President Donald Trump in which he said he wanted America to lead the development of Bitcoin. This is actually true.

Donald Trump has always been open about his support for digital currencies, with his presidential campaign team announcing last week that they would begin rolling out digital currencies. Cryptocurrency donations to build a “crypto army” in the run-up to election day.

This step can be seen as Trump tries to position himself as a pro-crypto candidateYoung voters, who are increasingly turning to digital assets for investments, could be persuaded by this move to vote for him.

On the heels of the crypto law

The US government has shown a particular interest in digital currencies lately. The Bitcoin bill comes just a month after the US House of Representatives passed the crypto bill, but the US Senate still needs to approve it.

The crypto bill, known as the Financial Innovation and Technology for the 21st Century Act (FIT 21), classifies cryptos as commodities and not as securities.

This means that the regulatory framework for their operations will change and primary regulatory responsibility will shift from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).

The SEC’s opposition to the bill

While the crypto industry welcomes the change, the SEC is not so happy about it, believing that this move will leave regulatory gaps and undo decades of controls on investment contracts.

SEC Chairman Gary Gensler said that under the existing model, crypto assets are subject to the same laws in case of fraud, bankruptcy and other unpleasant scenarios. However, this new bill will remove all these legal protections, thereby putting the entire market and investors at risk.

However, the SEC can only challenge this decision by filing an appeal, which must be filed within 60 days of the law’s passage.

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