President-elect Donald Trump Picks Pro-Crypto Congressman Matt Gaetz as Attorney General

Author

Jimmy Aki

Author

Jimmy Aki

About Author

Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

Author Profile

Share

Copied

Last updated: 

November 14, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

President-elect Donald Trump has named Florida Congressman Matt Gaetz as his pick for U.S. Attorney General, a decision announced on Thursday.

Gaetz, a well-known advocate for Bitcoin and cryptocurrency, brings his pro-crypto stance to one of the most powerful roles in the U.S. government, raising expectations for a policy shift on cryptocurrencies.

Gaetz’s Pro-Crypto Vision and Legislative Efforts

Matt Gaetz has long been an advocate for Bitcoin and a vocal critic of excessive regulatory control.

His nomination reflects Trump’s broader push to integrate digital assets into mainstream finance.

One of Gaetz’s key legislative efforts was introducing a bill earlier this year to amend the Internal Revenue Code of 1986.

The bill would allow U.S. taxpayers to pay federal taxes using Bitcoin and requires the U.S. Treasury to set up a system for accepting Bitcoin payments.

The bill also ensures that transaction fees would be transparent and consistent, similar to the rules governing credit card payments.

This initiative underscores Gaetz’s ongoing commitment to reducing regulatory barriers and making cryptocurrency more accessible within the U.S. financial system.

A Turning Point for Crypto Policy

Gaetz’s appointment, if confirmed, could mark a turning point for U.S. cryptocurrency regulation.

His track record of advocating for deregulation aligns with Trump’s stated goals of reducing government interference in financial innovation. T

he potential confirmation of Gaetz as Attorney General has energized the crypto community, which sees his leadership as a step toward clearer and more favorable regulations.

This nomination comes at a pivotal time. Following the Republican Party’s wins in the 2024 elections, the GOP now has majorities in both the House and Senate.

This political environment is expected to help ensure Gaetz’s swift confirmation, with many pro-crypto lawmakers expressing strong support for his appointment.

Broader Implications for Leadership and Regulation

In addition to Gaetz’s nomination, President-elect Trump has announced plans to remove SEC Chair Gary Gensler upon taking office.

Robinhood’s Chief Legal Officer, Dan Gallagher, is reportedly under consideration as Gensler’s replacement.

This leadership shake-up could further influence the regulatory landscape for cryptocurrencies.

Meanwhile, the newly elected Senate Majority Leader, Senator John Thune, is also seen as a proponent of cryptocurrency innovation.

Thune’s leadership is expected to play a critical role in shaping upcoming crypto legislation, complementing Gaetz’s push for regulatory clarity.