Bitcoin
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 Representative Matt Gaetz proposed a bill that would allow American citizens to settle federal income tax obligations using Bitcoin (Bitcoin). Gaetz said the modernized tax system would promote innovation, increase efficiency and maintain U.S. leadership in technological advancement.
For one official statement from Gaetz’s team, the lawmaker was inspired to pursue new legislation after personally witnessing Bitcoin’s impact in El Salvador. “This is a bold step toward a future where digital currencies play a vital role in our financial system,” said Gaetz.
Under pro-crypto President Nayib Bukele, El Salvador became the first country in the world to legalize BTC. Despite scrutiny from the IMF and even the US, the nation pushed ahead with its BTC strategy and made billions of dollars in unrealized profits from its investment.
Bitcoin Taxes and Crypto Accounts
Gaetz’s Bitcoin-for-taxes bill is new and has not yet been discussed in Congress. Still, if the project moves forward, it could reflect part of Colorado state law, which authorizes the payment of taxes in cryptocurrencies. Colorado began 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 ADJUSTMENT 21. The bill seeks to regularize oversight of cryptocurrencies 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 stablecoin notes allowing banks and other local financial institutions to issue tokens pegged to the US dollar.