Key Points
- Florida Republican Matt Gaetz has proposed a bill allowing bitcoin payments for federal income taxes.
- Only Colorado currently permits crypto payments for taxes, while other crypto regulatory bills are under consideration.
Florida’s Republican representative, Matt Gaetz, has introduced a bill that could potentially revolutionize the way federal income taxes are paid.
The proposed legislation would mandate the U.S. Secretary of the Treasury to implement a system that accepts bitcoin for federal income tax payments.
Modernizing the Tax System
Gaetz believes this innovative legislation would modernize the American tax system.
He stated that by allowing taxpayers to use Bitcoin for federal tax payments, innovation could be fostered, efficiency increased, and more flexibility offered to U.S. citizens.
This move, according to Gaetz, is a significant stride towards a future where digital currencies play a crucial role in the financial system and help keep the U.S. at the forefront of technological advancement.
Currently, only Colorado allows the use of cryptocurrencies for tax payments.
Other Crypto Bills
On the federal level, other crypto-related bills are in progress.
For instance, Senator Ted Cruz from Texas has advocated for a bill that would necessitate Capitol Hill shops to accept crypto as payment.
Moreover, lawmakers have made some headway on bills that would regulate stablecoins and the broader crypto industry.
One such bill, the Financial Innovation and Technology for the 21st Century Act (FIT21), was passed by the U.S. House, though it is unlikely to become law this year due to lack of interest from the Senate.
Despite disagreements on who should primarily regulate stablecoins, lawmakers continue to push forward with stablecoin legislation in both the House and Senate.
