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“Groundbreaking” Bitcoin Legislation Unveils To Congress Despite Market Uncertainty

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US Representative Matt Gaetz of Florida introduced a futuristic bill that proposes the acceptance of Bitcoin for federal income tax payments. 

On 25 June 2024, Republican Gaetz introduced a bill  to integrate digital currencies more deeply into the US financial system. 

“My groundbreaking legislation will modernize our tax system by allowing federal income tax to be paid with Bitcoin,” said Congressman Gaetz. “By enabling taxpayers to use Bitcoin for federal tax payments, we can promote innovation, increase efficiency, and offer more flexibility to American citizens.”

The introduction of this bill follows a trend of increasing acceptance of cryptocurrencies at the state level. 

Colorado, for instance, began accepting crypto for tax payments in 2022. Other states like Utah, New Jersey, and Kentucky have shown interest in similar measures. 

This state-level adoption reflects a growing recognition of the potential benefits of integrating digital currencies into public financial systems.

Read more: 5 Ways to Sell Bitcoin Instantly and Securely (2024 Updated)

Gaetz’s Legislation Aligns With Trump’s Support Of Crypto

The newly introduced bill aligns with the recent comments from former President Donald Trump, who has expressed a newfound support for crypto. 

Trump, who previously criticized Bitcoin, has shifted his stance following his profitable engagement in crypto-based NFTs. He is currently accepting campaign donations in various crypto, including Bitcoin, Ethereum, Solana, Dogecoin, and Shiba Inu. 

“This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the US remains at the forefront of technological advancement,” said Congressman Gaetz.

The legislation also comes in the wake of a recent Bitcoin price crash. Recently BTC’s value plummet below $60,000 from a peak above $70,000 last month, raising concerns about a potential “true correction” in the market. 

Trump’s endorsement marks a stark contrast to the Biden administration’s more cautious approach to the crypto market.

Read more: “I’m Delighted He Did That” Robert F. Kennedy Jr. Speaks On Presidential Rival Trump And His U-Turn On Cryptocurrency

Recently Passed Crypto Bills

Crypto lobbyists have become a powerful force in shaping US financial regulations.

Nearly two-thirds of the crypto industry’s 278 lobbyists are “revolving door” hires. This means they previously held jobs in the federal government, which includes former members of Congress who now represent the crypto industry’s interests.

The influence of crypto lobbyists is evident in the legislative process. For instance, the Financial Innovation and Technology for the 21st Century Act, which aims to create a new legal framework for digital currencies, has been shaped by industry lobbying efforts. The act grants primary regulatory authority over crypto markets to the CFTC, an agency that lacks a retail investor protection mandate, raising concerns about the adequacy of investor safeguards.

During the upcoming elections, the influence of crypto lobbyists on policymakers will be closely watched.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

 

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Akriti Seth is a Zurich-based Business Journalist and Crypto Editor. Her passion for journalism has taken her across the globe – from thriving as an on-television correspondent to writing engaging articles, she has worked for companies like Informa UK, Bloomberg TV India, CNA Singapore. Akriti’s interest in the cryptocurrency space stems from her writing for Crypto Council for Innovation and Daily Coin. She believes that decentralisation technology has the potential to empower marginalised communities across the world. Entrepreneur Magazine, Hindustan Times, Tech Panda, Hackernoon and other publications have featured Akriti’s writings.

View all Posts by Akriti Seth

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