In summary
- Donald Trump has chosen Matt Gaetz as his nominee for Attorney General, solidifying his proscribed agenda for a second term.
- Gaetz has promoted Cryptocurrency deregulation and proposed paying federal taxes with Bitcoin.
- The nomination was met with surprise and skepticism by some Republicans, due to his lack of legal experience.
In a move that stunned allies and opponents alike, President-elect Donald Trump has tapped outlaw Florida Congressman Matt Gaetz to serve as the next Attorney General of the United States. It is a movement that reaffirms its proscribed agenda.
Known for his staunch defense of Bitcoin, Gaetz’s appointment is a clear sign that Trump’s second term will prioritize a pro-crypto agenda, even at the risk of deepening divisions within his own party.
Gaetz would “eradicate systemic corruption at the DOJ and return the Department to its true mission of fighting crime and defending our democracy and constitution,” Trump wrote on his Truth Social social media account.
With Bitcoin reaching an all-time high of $93,477 following the announcement, the market is already responding positively to the prospect of a more favorable regulatory environment.
Gaetz’s nomination came after the GOP’s success in the 2024 elections, where pro-cryptocurrency candidates secured majorities in both the House and Senate.
However, the announcement of his nomination was met with shock during a closed-door meeting of House Republicans, with several members expressing disbelief, according to an Axios report.
Several senators expressed skepticism about his preparation for office due to his confrontational approach and limited legal experience, according to reports.
Gaetz has previously advocated for deregulation of the cryptocurrency industry, opposing what he sees as excessive meddling by agencies like the SEC.
In June, Gaetz introduced legislation to allow Americans to pay their federal taxes using Bitcoin. The bill seeks to amend the Internal Revenue Code of 1986, allowing the IRS to accept Bitcoin for tax payments and enter into contracts for related services.
Despite the enthusiasm of the crypto sector, Gaetz faces a tough confirmation battle. His past legal troubles, including a federal investigation into sex trafficking allegations that ended without charges, will likely be examined during Senate hearings.
He was also under ethics review in the House for allegations related to misconduct and inappropriate use of funds.
On Wednesday, House Speaker Mike Johnson confirmed that Gaetz had resigned his seat in Congress, effectively halting the ethics investigation, as investigations are limited to active members of Congress.
However, for the cryptocurrency industry, the mere prospect of having a pro-Bitcoin attorney general is already being seen as a significant victory.
Although Republicans have a majority, a few dissenting votes could derail the nomination. However, Trump allies are pushing for a quick confirmation, saying Gaetz’s reformist agenda is essential to reforming the DOJ’s approach to cryptocurrency regulations.
Edited by Stacy Elliott.
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