A Florida lawmaker has proposed legislation to allow Americans to settle their federal tax liability on Bitcoin (BTC) income. 📜 According to Republican Representative Matt Gaetz, this stimulates innovation and improves efficiency.

Gatez drew inspiration for the new bill from the experience of El Salvador, the first country in the world to legalize BTC.

If the bill passes, it could become similar to Colorado's law allowing taxes to be paid in cryptocurrency.

Meanwhile, FIT 21, a bill aimed at regulating cryptocurrencies, successfully passed through bipartisan lawmakers.