Gaetz expressed confidence in a modernized tax system, stating that it would foster innovation, enhance efficiency, and uphold the U.S.’s prominence in technological progress. He noted that this move signifies a significant stride towards a future where digital currencies play a pivotal role in the financial system. In the face of scrutiny from the IMF and the U.S., the nation has proceeded with its BTC strategy, yielding substantial unrealized profits from its investment. As the bill progresses, it may replicate elements of Colorado state law, allowing tax payments in cryptocurrency.
Colorado introduced its crypto tax payment program in late 2022, standing as the sole jurisdiction to implement such policies across state borders. Additionally, the bill aims to standardize crypto regulation by dividing regulatory responsibilities between the Commodity Futures Trading Commission and the Securities and Exchange Commission.