In a move that shocked much of the political world, President-elect Donald Trump has proposed Bitcoin advocate Matt Gaetz to be his Attorney General. Indeed, the second Trump term is looking to appoint the Florida congressman in what is shaping up to be an increasingly pro-crypto administration.
Gaetz is just the latest in a string of appointed officials who have expressed support for the asset class. Although the Republican Party itself was reportedly shocked by the decision, it could be an important one for the crypto sector. Throughout this tenure as a Congressional representative, Gaetz has introduced pro-crypto legislation and stood with the industry amid regulatory opposition.
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Matt Gaetz Gets Trump Nomination as Pro-Crypto Administration Takes Shape
The 2024 presidential election was always set to be a historic one, but the outcome went as few had expected. Donald Trump emerged victorious, significantly outperforming her Democratic counterpart. That win was always set to be huge for the cryptocurrency sector, but no one couldâve predicted the immediate impact.
Since that victory, Bitcoin has continued to reach new record prices. Indeed, it most recently surpassed the $93,000 mark on Wednesday. Moreover, its ongoing upward trajectory has no end in sight. Its potential should only increase amid how the administration is expected to advocate for the asset class.
Source: The Washington Times
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That has continued today, as Donald Trump has nominated Bitcoin advocate and Florida congressman Matt Gaetz to be the new Attorney General. Gaetz has been well known for his defense of the emerging digital currency class. In June of this year, he had introduced legislation that allowed US citizens to pay federal taxes in Bitcoin.
Specifically, the bill was an amendment to the Internal Revenue Code of 1986. It would have enabled the IRS to accept BTC for tax payments, and enter into contracts for related services. The propensity to view Bitcoin this way is why the industry should be excited about his appointment.
However, much of the Republican Party seemed less than pleased. An Axios report says that the nomination announcement was met with an auditory gasp from constituents in a closed-door meeting of House of Republican members. There are discussions that his inexperience and confrontational nature have many concerned about his potential appointment.
