Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Bitcoin for America Act would allow American taxpayers to pay their federal income taxes in Bitcoin instead of traditional currency. When Bitcoin is received through tax payments, it would be deposited into a new Strategic Bitcoin Reserve managed by the Treasury Department, which would hold these assets long-term as part of the nation's financial reserves. The bill includes specific rules allowing taxpayers to choose which Bitcoin holdings they use for tax payments and specifies that no gain or loss is recognized when Bitcoin is transferred to the government for tax purposes. The Reserve would be managed conservatively, with restrictions preventing the government from selling more than five percent of its Bitcoin holdings in any single year, and a 20-year holding period before any disposals are allowed. The legislation aims to diversify the nation's wealth into cryptocurrency while promoting financial inclusion, though it leaves implementation details—such as how the Treasury will value Bitcoin daily and manage custody—to be determined through Treasury regulations.
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