Summary
- A U.S. Representative introduced the 'Bitcoin for America' bill to pursue codifying a strategic Bitcoin reserve and establishing a long-term reserve system.
- The bill includes a provision exempting capital gains tax when taxes are paid in Bitcoin.
- This move suggests that discussions to make Bitcoin a national strategic asset have entered the institutionalization stage.
U.S. Representative Warren Davidson officially introduced the 'Bitcoin for America' bill, which would codify the Bitcoin(BTC) strategic reserve executive order into law. The bill also includes a provision exempting capital gains tax when taxes are paid in Bitcoin.
On the 20th (local time), crypto-focused media Bitcoin Magazine reported that Davidson said the United States should formalize a Bitcoin strategic reserve system in law to establish a long-term reserve framework. This move is interpreted as an effort to support the administration's recent policy of strengthening Bitcoin reserves at the legislative level.
The bill sets criteria for the federal government to classify Bitcoin as a strategic reserve asset and includes an exemption from capital gains tax when Bitcoin is used to pay taxes. This is a measure to remove tax uncertainty that arose in the process of using Bitcoin as a means of payment.
The bill also indicates that discussions to make Bitcoin a national strategic asset have entered a full institutionalization phase. However, whether the bill can pass Congress is expected to be determined during future deliberations.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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