Matt Gaetz, Trump’s AG Pick, Proposed Bitcoin Payments for Taxes and Abolishing the Fed
Rep. Matt Gaetz, nominated as Trump's Attorney General, once proposed allowing federal taxes to be paid in Bitcoin and co-sponsored a bill to abolish the Federal Reserve.
Matt Gaetz, the controversial Republican representative from Florida, has been nominated by President-elect Donald Trump as the next U.S. Attorney General. Known for his bold stances and unconventional ideas, Gaetz has stirred headlines in the past for pushing radical proposals, particularly in favor of cryptocurrencies.
One of Gaetz's most striking proposals came earlier this year when he introduced a bill to allow federal income tax payments to be made in Bitcoin. Gaetz argued that enabling tax payments in the leading cryptocurrency would promote innovation, boost efficiency, and provide American citizens with more flexibility in how they manage their finances. His bill included provisions to ensure that Bitcoin payments would be quickly converted to their dollar equivalent at the point of transaction, providing stability and preventing potential volatility in tax collection.
In addition to his support for cryptocurrencies, Gaetz has been a vocal admirer of El Salvador’s pro-Bitcoin policies. The small Central American nation, led by President Nayib Bukele, made Bitcoin legal tender in 2021, a move Gaetz praised as a step toward financial freedom and innovation.
But Gaetz’s radical views don’t stop there. He also co-sponsored a bill aimed at abolishing the Federal Reserve, a move popular among libertarian and cryptocurrency maximalist circles. The bill proposed eliminating the central banking system entirely, which would have far-reaching consequences for the U.S. financial system.
However, Gaetz’s nomination for Attorney General has been marred by controversy. The congressman is currently under investigation by the House Ethics Committee for allegations of sexual misconduct, drug use, and accepting improper gifts. Despite these serious allegations, Gaetz has denied all wrongdoing and remains a staunch supporter of Trump. If confirmed, Gaetz would replace current Attorney General Merrick Garland.
