U.S. House Bill Would Allow Federal Taxes in BTC While Aiding U.S. Reserve

Rep. Warren Davidson introduced legislation that allows bitcoin tax payments without incurring capital gains to beef up the U.S. Strategic Bitcoin Reserve.

One of the crypto industry's longtime Republican allies in Congress introduced a bill to allow individuals and businesses to pay taxes in bitcoin without triggering capital gains liability and also directing the funds to the U.S. Strategic Bitcoin Reserve providing a new funding mechanism for the federal crypto stockpile that hasn't yet been established.

Rep. Warren Davidson (R-Ohio) introduced the Bitcoin for America Act to allow Americans to pay federal taxes in bitcoin, he said on his official website on Thursday.