According to Decrypt, President-elect Donald Trump has nominated Florida Congressman Matt Gaetz as the next Attorney General of the United States, signaling a strong commitment to a pro-crypto agenda. Gaetz, known for his advocacy of Bitcoin, is expected to prioritize cryptocurrency-friendly policies during Trump's second term. This move has already influenced the market, with Bitcoin reaching a record high of $93,477 following the announcement.
Gaetz's nomination follows the Republican Party's success in the 2024 elections, where pro-crypto candidates gained majorities in both the House and Senate. However, the decision has sparked mixed reactions within the party. During a closed-door meeting of House Republicans, several members reportedly expressed disbelief at the nomination, according to an Axios report. Some senators have also voiced concerns about Gaetz's readiness for the role, citing his confrontational style and limited legal experience.
Gaetz has been a vocal critic of federal regulatory overreach, particularly by agencies like the SEC, and has pushed for deregulation of the crypto industry. In June, he introduced legislation to allow Americans to pay federal taxes using Bitcoin, proposing amendments to the Internal Revenue Code of 1986 to enable the IRS to accept Bitcoin for tax payments.
Despite the enthusiasm from the crypto sector, Gaetz faces a challenging confirmation process. His past legal issues, including a federal investigation into sex trafficking allegations that concluded without charges, are expected to be scrutinized during Senate hearings. Additionally, Gaetz was under an ethics review in the House over allegations of misconduct and inappropriate use of funds. However, House Speaker Mike Johnson confirmed that Gaetz has stepped down from his congressional seat, effectively halting the ethics probe, as investigations are limited to active members of Congress.
For the cryptocurrency industry, the potential appointment of a pro-Bitcoin attorney general is seen as a significant victory. While Republicans hold a majority, a few dissenting votes could jeopardize the nomination. Nevertheless, Trump's allies are advocating for a swift confirmation, arguing that Gaetz's reformist agenda is crucial for transforming the Department of Justice's approach to cryptocurrency regulations.
