Rep. Matt Gaetz Introduces Bill to Let US Taxpayers Pay Federal Taxes in Bitcoin

“By enabling taxpayers to use Bitcoin for federal tax payments, we can promote innovation, increase effectiveness, and offer more flexibility to American citizens,”

Florida Republican Congressman Matt Gaetz has introduced a bill that would allow U.S. taxpayers to pay their federal taxes in Bitcoin.

“By enabling taxpayers to use Bitcoin for federal tax payments, we can promote innovation, increase efficiency, and offer more flexibility to American citizens,” Gaetz wrote on Axios. “This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the U.S. remains at the forefront of technological advancement.”

If passed, the legislation would amend the Internal Revenue Code of 1986 and instruct Treasury Secretary Janet Yellen—a staunch cryptocurrency skeptic—to create a plan for accepting Bitcoin as an authorized currency for federal tax payments.

The bill arrives amid a widening political embrace of crypto in the United States. Gaetz is tag-teaming pro-Bitcoin legislation with his party’s presidential nominee, Donald J. Trump, who has reversed his position on digital assets and made the industry a key plank in his campaign. On the other side of the aisle, Democrats have realized that crypto is a subject of increasing interest to Americans, and President Joe Biden has also been pivoting toward the digital asset industry.

In addition to his Bitcoin bill, Gaetz has made headlines recently for his alleged unsavory conduct. He is currently under investigation by the House Ethics Committee over allegations of sexual misconduct and illicit drug use. According to CNBC, the Ethics Committee stated that Gaetz—who denies any wrongdoing—“dispensed special privileges and favors to individuals with whom he had a personal relationship, and sought to obstruct government investigations of his conduct.”

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