Trump Taps Bitcoin Fan Matt Gaetz for Attorney General

In a move that has rattled allies and opponents alike, President-elect Donald Trump has appointed pro-crypto Florida Congressman Matt Gaetz as the next Attorney General of the United States. It’s a move that suggests he’s doubling down on his pro-crypto agenda.

Known for his fervent advocacy for Bitcoin, Gaetz’s appointment is a clear signal that Trump’s second term will prioritize a pro-crypto agenda, even at the risk of deepening divisions within his own party.

Gaetz would “root out systemic corruption at DOJ and return the department to its true mission: fighting crime and upholding our democracy and Constitution,” Trump said. wrote on his Truth Social network on Wednesday.

With Bitcoin rising to a record high of $93,477 following the announcement, the market is already reacting positively to the prospect of a more supportive regulatory environment.

Gaetz’s nomination came after the Republican Party’s success in the 2024 elections, where pro-crypto candidates won majorities in both the House of Representatives and the Senate.

However, the announcement of his nomination was met with cheers at a closed-door meeting of House Republicans, with several members reportedly expressing disbelief. Axios report.

Several senators have reportedly expressed skepticism about his readiness for the position due to his confrontational approach and limited legal experience.

Gaetz has previously advocated for deregulating the crypto industry, opposing what he sees as federal overreach by agencies like the SEC.

In June, Gaetz introduced legislation to allow Americans to pay their federal taxes with Bitcoin. The bill seeks to amend the Internal Revenue Code of 1986, allowing the IRS to accept Bitcoin for tax payments and contract for related services.

Despite the enthusiasm from the crypto sector, Gaetz faces an uphill battle for confirmation. His past legal troubles, including a federal investigation into sex trafficking allegations, which ended without charges– will likely come under scrutiny during Senate hearings.

He was also under an ethics review in the House of Representatives over allegations related to misconduct and improper use of funds.

House Speaker Mike Johnson spoke on Wednesday confirmed that Gaetz had resigned from his congressional seat, effectively halting the ethics investigation since investigations are limited to active members of Congress.

For the crypto industry, however, the mere prospect of a pro-Bitcoin attorney general is seen as a major victory.

Even though Republicans have a majority, just a few dissenting votes could derail the nomination. Still, Trump’s allies are pushing for quick confirmation, saying Gaetz’s reformist agenda is essential to overhauling the DOJ’s approach to crypto regulation.

Edited by Stacy Elliott.