Latest News US Congressman Matt Gaetz is taking significant steps towards integrating cryptocurrencies into the US financial system. He proposed legislation that would allow Bitcoin to be used for federal income tax payments. This plan aims to amend the 1986 Internal Revenue Code, considering it necessary to change the government's tradition of implementing digital innovation in the financial system.
Quoted from his discussion with The Daily Wire, Gaetz highlighted the efficiency, flexibility and innovation that Bitcoin payments can bring to the tax process. The move is seen as a forward-thinking effort to keep the US at the forefront of technological advances in finance.
The proposed bill mandates the Secretary of the Treasury to create regulations for Bitcoin transactions, ensure they are promptly converted to US dollars, and maintain financial stability. This development aligns with growing support for Bitcoin among US politicians, indicating broader acceptance of the cryptocurrency's potential role in modernizing transactions and government policy.
