Florida Republican Congressman Matt Gaetz has introduced an innovative bill that would push the U.S. Treasury Department to accept Bitcoin as a form of tax payment.
Matt Gates believes that Bitcoin and cryptocurrencies have the potential to revolutionize the modern financial system, and stressed that the U.S. Treasury must update its technological means to adapt to this emerging trend.
Draft bill proposes paying taxes with Bitcoin
The bill was authored by Rep. Matt Gaetz (R-FL), a groundbreaking measure at the state level that would require the Secretary of the Treasury to develop and implement a law that would allow all individuals to pay any tax using Bitcoin.
It is reported that this is not only the first attempt by the US political circles to officially promote Bitcoin towards legal currency status, but also echoes the tax payment policy with cryptocurrency that has been implemented in Colorado.
Gates believes that this move will greatly promote innovation and enhance the flexibility and efficiency of American citizens when paying taxes. He said on Twitter: "This is a bold move. In the future, digital currency will play an important role in our financial system and ensure that the United States is always at the forefront of technological progress."
The bill also proposes that in addition to allowing Bitcoin to be taxed, capital gains taxes on Bitcoin sales should be eliminated, which is consistent with the campaign promise of presidential candidate Robert F. Kennedy Jr. In addition, the legislation will authorize the Treasury Department to develop necessary regulations to help the public adapt to Bitcoin payments, including stipulating that all Bitcoin payments must be immediately converted into U.S. dollars. $BTC
The bill proposed by Gates was inspired by his recent visit to El Salvador, as the country has made Bitcoin legal tender. At the same time, Gates pointed out in a press release that the digital currency policy adopted by El Salvador has a positive impact on promoting financial stability and creating jobs in Central America. He believes that the successful implementation of this policy provides an example for the United States on how Bitcoin and cryptocurrencies can bring substantial benefits to the economy.
Presidential election and crypto policy are closely tied
With just five months left in the U.S. presidential election, candidates are stepping up their efforts to win over cryptocurrency investors and the industry as a whole.
Former US President Donald Trump repeatedly stated during his campaign that if he returns to the White House, he will end the strict regulatory policies on cryptocurrencies promoted by current President Joe Biden and Senator Elizabeth Warren, the so-called "cryptocurrency war." Trump promised to maintain citizens' control over their own currency and advocated that the United States should take the lead in Bitcoin mining, thereby helping the United States become a global leader in the energy field.
However, compared with Trump's clear position, the current President Biden's attitude towards cryptocurrencies is more complicated and changeable. Although Biden previously vetoed a bill aimed at supporting cryptocurrency banks, which had been passed by both houses of Congress, he recently cooperated with the well-known cryptocurrency exchange Coinbase to launch a campaign to accept cryptocurrency donations. This practice has caused widespread controversy and criticism in the online community, and many people believe that this contradicts his previous position of vetoing the bill. #比特币 #纳税法案 #总统大选 #加密政策
Conclusion:
The bill proposed by Florida Congressman Matt Gaetz and the differences between the candidates in the US presidential election on cryptocurrency policy highlight the criticality of US decision-making in this emerging field. Gates' proposal aims to include Bitcoin as a legal means of taxation and promote the modernization of the financial system, while the different positions of Trump and Biden reflect the different views and interests of society on cryptocurrency.
As the election approaches, candidates are actively shaping their policy image in the field of cryptocurrency to win the trust of investors and the industry. Regardless of the election results, the United States' decisions on cryptocurrency regulation and development will have a profound impact on the world. A wise policy framework will promote innovation, protect consumers, while ensuring the security and stability of the financial system, and lead the future of global fintech.
