"Under the proposed legislation, taxpayers would be able to transfer bitcoin (BTC) to the Treasury or to approved financial agents designated by the Secretary of the Treasury. The transferred BTC would count as full satisfaction of tax liabilities, with no capital gains recognized on the transaction. Fair market value at the time of transfer would determine the amount credited, similar to how foreign currency payments are handled today."
"The bill also empowers the Treasury to establish robust custody measures for the Strategic Bitcoin Reserve. Provisions include cold storage, multi-signature wallets, and geographically distributed storage facilities. BTC deposited into the reserve would be held for at least 20 years, according to the bill, with limited scheduled dispositions allowed only after that period, ensuring the assets are preserved for future genera"
"By allowing taxpayers to pay federal taxes in Bitcoin and directing those funds into a Strategic Bitcoin Reserve, the nation gains a tangible asset that appreciates over time-unlike the U.S. dollar, which is susceptible to inflation. This bill strengthens the nation's financial foundation and positions the U.S. to lead-not follow-in the global race toward sound money and digital innovation."
A bill would permit Americans to pay federal taxes in bitcoin, with proceeds deposited into a newly created Strategic Bitcoin Reserve (SBR). Taxpayers could transfer bitcoin to the Treasury or approved financial agents designated by the Secretary of the Treasury. Transferred BTC would fully satisfy tax liabilities, with no capital gains recognized and fair market value at transfer used to determine credited amounts. The Treasury would establish custody measures including cold storage, multi-signature wallets, and geographically distributed facilities. BTC would be held at least 20 years, with limited dispositions only after that period, aiming to preserve assets and modernize the financial system toward digital asset leadership.
Read at Bitcoin Magazine
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