The new US Attorney General Matt Gaetz has once again become the focus of public opinion. This politician, who is known for his "daring to challenge", has recently not only pointed the finger at insider trading in Congress, but also ambitiously promoted a bill that allows Americans to pay federal taxes with Bitcoin. These two issues have not only overturned traditional thinking, but also triggered widespread discussion.
Gates bluntly accused members of Congress of using insider information to profit in the stock market, calling their actions "treasonous" and "betrayal." He pointed out that these lawmakers used confidential information in closed-door meetings to trade stocks, turning the stock market into their own "private casino," while ordinary Americans had to bear the consequences of their actions.
Gates has vowed to push for legislation to expose rampant insider trading in Congress. His goal is to amend and strengthen the (Stock Act), a law aimed at regulating the stock trading behavior of legislators, which has been criticized for lack of enforcement. Gates plans to introduce harsher penalties and require full disclosure of every transaction by legislators to ensure transparency.
It is noteworthy that this corruption is not limited to a specific party. Both the Democratic and Republican parties have been questioned due to suspicious timing of transactions. According to the latest polls, 76% of Americans believe that sitting legislators should not be allowed to trade stocks, reflecting public dissatisfaction with the current system and expectations for reform.
While advancing anti-corruption legislation, Gates has also proposed an ambitious plan: allowing Americans to pay federal taxes with Bitcoin. His inspiration comes from El Salvador, a Central American country that has already made Bitcoin legal tender. Gates believes that cryptocurrency can modernize the U.S. tax system and help the U.S. gain an advantage in global economic competition.
According to Gates' proposal, the IRS will be required to accept Bitcoin as tax payments and immediately convert it to dollars to avoid the risks of price volatility. Gates believes this will not only encourage taxpayers to fulfill their obligations but also lay the foundation for the development of financial technology in the United States. Local governments, such as those in Colorado and Utah, have already begun allowing cryptocurrency for tax payments, and Gates hopes the federal government can keep pace.
Despite the broad prospects of Gates' proposal, it still faces many challenges. The IRS needs to completely update its technical systems, establish new protocols, and train employees to meet the demands of cryptocurrency payments. Additionally, some critics worry that this payment method could open loopholes for tax evasion and criminal activities.
However, Gates believes that the advantages of Bitcoin payments far outweigh their potential risks. He stated that this reform would make the tax system more efficient and attract more young people and tech enthusiasts to actively participate in taxation. This is an important step for the U.S. towards a future financial system.
It is worth mentioning that Gates' radical proposals have also garnered support from tech giant Elon Musk. Musk not only publicly endorsed Gates for the position of Attorney General but also collaborated with him to launch a plan called the 'Department of Government Efficiency' (DOGE), aimed at achieving more efficient government operations through federal spending cuts. This plan covers a wide range of areas, from international aid to layoffs, from public broadcasting budget cuts to the elimination of duplicate appropriations, affecting nearly every area of federal expenditure.
Musk referred to Gates on social media as the 'special police judge that America needs' and expressed support for his fight against entrenched corruption in Washington. Despite the controversies surrounding Gates, Musk firmly believes that he is the ideal candidate to drive change.
Gates' two proposals — anti-corruption in Congress and the Bitcoin tax revolution — demonstrate his determination to reform the existing system. However, whether he can gain sufficient support, especially from both parties and the general public, will be key to his success. Regardless, his actions have already opened new possibilities for the future of American politics and finance.
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