Regulation
Florida Legislator 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 meet their 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 progress.
For an official statement by Gaetz’s staff, the politician was inspired to pursue new legislation after personally witnessing Bitcoin’s impact in El Salvador. “This is a bold step towards a future where digital currencies play a vital role in our financial system,” Gaetz said.
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 United States, the nation has moved forward with its BTC strategy and made billions in unrealized profits on its investments.
Bitcoin Taxes and Crypto Bills
Gaetz’s Bitcoin-for-taxes bill is new and has yet to be debated in Congress. However, if the bill were to advance, it could mirror part of Colorado state law, which authorizes the payment of taxes in cryptocurrency. Colorado began its cryptocurrency tax payment program in late 2022 and is the only jurisdiction across state lines with such policies.
Meanwhile, bipartisan lawmakers successfully pushed through the Financial Technology and Innovation for the 21st Century Act IN SHAPE 21. The bill aims to regularize the 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 stablecoin invoices allowing banks and other local financial companies to issue tokens pegged to the US dollar.