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ARTICLE · 30 AUGUST 2024

Give Unto Caesar – Crypto?

Hogan Lovells Cadwalader
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On June 25, 2024, Congressman Matt Gaetz (R-FL) introduced H.R. 8822 (the "Bill"), which would add Section 6316A to the Code, allowing individuals to pay their federal income tax using Bitcoin...

United StatesTax
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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On June 25, 2024, Congressman Matt Gaetz (R-FL) introduced H.R. 8822 (the "Bill"), which would add Section 6316A to the Code, allowing individuals to pay their federal income tax using Bitcoin. According to Gaetz, "enabling taxpayers to use Bitcoin for federal income tax payments . . . promote[s] innovation, increase[s] efficiency, and offer[s] more flexibility to American citizens," and is "a bold step toward a future where digital currencies play a vital role in our financial system, ensuring the U.S. remains at the forefront of technological advancement."

If enacted, the Bill would require the U.S. Secretary of the Treasury (the "Secretary") (currently Janet Yellen) to develop and implement a method to allow for Bitcoin payments and prescribe regulations that:

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