President-elect Donald Trump has picked Rep. Matt Gaetz (R-Fla.) as the nominee for attorney general under the incoming administration.
A controversial figure, Gaetz has been known for pushing radical proposals in favor of cryptocurrencies, especially Bitcoin BTC/USD.
What happened: Earlier in June, he introduced a bill that would allow federal income tax payments to be made in the apex cryptocurrency.
Gaetz had said that the intention behind proposing the bill was to promote innovation, increase efficiency, and offer more flexibility to American citizens.
Key provisions of the proposed law included the rapid conversion of received Bitcoin to its dollar equivalent at the end of the transaction, ensuring stability and practicality in its adoption.
Gaetz has also spoken highly of pro-Bitcoin El Salvador President Nayib Bukele's policies, linking the country's quest for financial freedom with the leading digital asset.
The GOP nominee even cosponsored a bill aimed at abolishing the Federal Reserve, a classic libertarian, cypherpunk viewpoint shared by cryptocurrency maximalists.
Why It Matters: The nomination of Gaetz comes as the congressman is under investigation by the House Ethics Committee for sexual misconduct.
Allegations against the Trump loyalist include sexual misconduct, illicit drug use, accepting improper gifts, and more. Gaetz has denied the allegations.
If confirmed for the position, Gaetz will take over from current Attorney General Merrick Garland.
Price Action: At the time of writing, Bitcoin was exchanging hands at $91,405.88, up 4.55% in the last 24 hours, according to data from Benzinga Pro.
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Photo courtesy: Wikimedia Commons By Gage Skidmore
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