Trump Nominates Bitcoin Advocate Matt Gaetz for Attorney General
In a move that shocked much of the political world, President-elect Donald Trump has nominated Bitcoin advocate Matt Gaetz to be his attorney general. Indeed, Trump’s second term is looking to appoint the Florida congressman in an administration that is shaping up to be increasingly pro-crypto.
Gaetz is just the latest in a series of appointees to express support for the asset class. While Republicans were reportedly shocked by the decision, it could be a significant one for the cryptocurrency sector. Throughout his tenure as a representative in Congress, Gaetz has introduced pro-crypto legislation and sided with the industry amid regulatory opposition.
Matt Gaetz Nominated by Trump as Pro-Crypto Administration Takes Shape
The 2024 presidential election was always going to be a historic one, but the outcome was less than expected. Donald Trump won, handily defeating his Democratic opponent. The victory was always going to be huge for the crypto space, but no one could have predicted the immediate impact.
Since that victory, Bitcoin has continued to hit new record highs. Indeed, it most recently surpassed $93,000 on Wednesday. Moreover, its continued upward trajectory shows no signs of stopping. Its potential can only increase given how supportive the authorities are of the asset class.
That continues to this day, as Donald Trump nominated Bitcoin advocate and Florida congressman Matt Gaetz as his new attorney general. Gaetz is known for his defense of the emerging digital currency. In June of this year, he introduced legislation that would allow US citizens to pay their federal taxes in Bitcoin.
Specifically, the bill is an amendment to the Income Tax Code of 1986. It would allow the IRS to accept BTC for tax payments and contracts for related services. The trend of viewing Bitcoin this way is why the industry should be excited about his appointment.
Much of the Republican Party, however, appears to be unimpressed. An Axios report said the nomination was met with gasps from voters in a closed-door meeting of House Republicans. There was talk that his lack of experience and confrontational nature had many concerned about his candidacy.