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HR6180119th CongressWALLET

Bitcoin for America Act

Sponsored By: Representative Davidson, Warren [R-OH-8]

Introduced

Summary

This bill lets taxpayers pay federal taxes in Bitcoin and directs Treasury to hold those receipts in a long-term Strategic Bitcoin Reserve. It sets rules for how Bitcoin payments are valued, when transfers are tax‑neutral, how custody and conversion are handled, and how the Reserve is managed and reported.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

Pay federal taxes with Bitcoin

This bill would let you pay federal taxes by sending Bitcoin to an address the Treasury names. The payment counts when the transfer reaches the number of network confirmations the Treasury requires. The payment amount would be the Bitcoin fair market value at that time using Treasury's published price feeds. You would not recognize gain or loss on the portion of Bitcoin that exactly pays your tax bill. Any extra Bitcoin you send would be treated as a sale. The Treasury could hire regulated financial agents (subject to the Bank Secrecy Act and OFAC) and would set rules on price sources, confirmations, and how you pick which coins to use.

New Strategic Bitcoin Reserve rules

This bill would require the Treasury to deposit Bitcoin it receives for taxes into a Strategic Bitcoin Reserve. The Treasury would set custody and security rules like cold storage, multi-signature controls, and geographically split storage. The Treasury could not sell more than one-twentieth of the Reserve in any one year. Reserve Bitcoin could only be sold or disposed of after it has been held for 20 years. The Treasury would have to publish an annual public report showing total holdings and custody arrangements.

Sponsors & CoSponsors

Sponsor

Davidson, Warren [R-OH-8]

OH • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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