On Thursday, a U.S. lawmaker introduced a bill in the House of Representatives that would allow Americans to pay federal taxes with Bitcoin, which would then be injected into the U.S. strategic Bitcoin reserve.
According to the "U.S. Bitcoin Act" proposed by Ohio Republican Congressman Warren Davidson, Bitcoin transferred to the U.S. government for tax purposes would not be subject to capital gains tax and would not be counted as a gain or loss on the taxpayer's books.
In a press release, Davidson stated:
This proposal would allow the U.S. government to strengthen its strategic Bitcoin reserve without having to purchase Bitcoin on the open market, thereby minimizing the positive impact that active purchases would have on Bitcoin prices.
Although U.S. President Trump signed an executive order in March to establish a strategic Bitcoin reserve, the order did not specify regular purchases of Bitcoin and required that all future additions to the reserve be funded through budget-neutral strategies.
The main provision of the executive order is that the U.S. government will not sell any Bitcoin obtained through asset seizures and forfeitures.
Bitcoin prices immediately dropped 6% after the order was signed, reflecting the disappointment of Bitcoin holders who had hoped for growth in the strategic reserve through regular market purchases.
Journalist and Bitcoin advocate Lola Leetz pointed out that funding the Bitcoin reserve through asset seizures would create "distorted" incentives, prompting the government to seize Bitcoin to expand the reserve.
"Civil asset forfeiture should be reformed, not celebrated. If you cheer for this, you should be ashamed of yourself," Leetz stated.
Matt Hougan, Chief Investment Officer of investment firm Bitwise, held an opposing view, claiming that the executive order is a net positive for Bitcoin.
Hougan stated that the strategic reserve significantly reduces the likelihood of the government banning Bitcoin and will encourage sovereign nations to adopt it, as other countries will follow suit to remain competitive on the global stage.
Related: The U.S. SEC will hold a roundtable on privacy and financial surveillance in December.
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