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Gaetz unveils bill allowing bitcoin tax payments

Rep. Matt Gaetz (R-Fla.) introduced a bill on Tuesday that would allow Americans to pay their federal income tax in Bitcoin.

Gates said the bold move will “spur innovation, increase efficiency, and provide more flexibility for the American people.”

“This is a bold step toward a future in which digital currencies play a key role in our monetary system and ensures that the United States remains at the forefront of technological advancement,” he said in a statement.

The congressman cited his recent visit to El Salvador, which became the first country to recognize Bitcoin as legal tender in 2021, as the inspiration for the bill.

Colorado is Accept cryptocurrency payments The money would be used to pay taxes in 2022. Utah, New Jersey and Kentucky are also moving to approve the payments.

of The bill Congress is grappling with how to regulate cryptocurrencies, a rapidly growing industry plagued by fraud and instability.

The House of Representatives passed a regulatory framework bill last month that would allow the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission to fully oversee cryptocurrency trading.

SEC Chairman Gary Gensler opposed the House bill, arguing it would weaken the SEC’s regulatory powers.

“The crypto industry’s record of failures, fraud and bankruptcies isn’t because there are no rules or because the rules are unclear,” he said last month. “It’s because many players in the industry aren’t playing by the rules.”

“We should choose policies that protect investors rather than foster the business models of non-compliant companies,” he added.

Although Bitcoin was originally established to be used as a currency, cryptocurrencies have generally been treated as speculative assets due to their extreme volatility and limited use cases.

Bitcoin prices have fluctuated wildly this year, rising from around $40,000 in January to more than $70,000 in March. Prices briefly dipped below $60,000 on Monday.