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Authored by Nik Hoffman via Bitcoin Magazine.com,

Congressman Matt Gaetz (R-FL) has introduced legislation to allow federal income tax payments to be made in Bitcoin.

Exclusively reported first by the Daily Wire, this bill aims to amend the Internal Revenue Code of 1986, instructing the Treasury Secretary to develop a plan for accepting Bitcoin.

According to Gaetz, his proposal aims to modernize the tax payment process by allowing federal income tax to be paid with BTC.

Gaetz told The Daily Wire:

The legislation would require the Treasury Secretary to establish regulations for the acceptance of Bitcoin, including specifying when payments are considered received and mandating the immediate conversion of Bitcoin to its dollar equivalent. Additionally, the bill includes provisions for handling related non-tax matters, contracts, fees, and liability.

This announcement comes following a recent explosion in Bitcoin support amongst US politicians. Presidential candidates Donald Trump and Robert F. Kennedy Jr. both accept Bitcoin payments, while it was reported that the Biden campaign is also in talks to accept cryptocurrency donations. Biden Admin officials are expected to make an appearance at a Bitcoin roundtable in Washington D.C. in a few weeks hosted by Congressman Ro Khanna, as a response to Donald Trump embracing Bitcoin, pledging to "ensure that the future of crypto and the future of Bitcoin will be made in America."

Coinbase CEO Brian Armstrong also recently met with both democrat and republican senators in D.C. "to discuss creating clear rules for the crypto industry."

A couple weeks ago, US Congressman Thomas Massie stated that he decided to introduce a bill to end the Federal Reserve after reading The Bitcoin Standard book.