US Lawmakers Embrace Crypto: NFT Profiles and Bitcoin Tax Bill

US lawmakers are embracing crypto: William Timmons adopted a Pudgy Penguin NFT profile, while Warren Davidson proposed a bill to allow Bitcoin tax payments and create a national Bitcoin reserve.

US Congressman William Timmons has drawn attention by changing his X profile picture to a Pudgy Penguin NFT after a social media post promising the change surpassed 20,000 likes in three hours. Timmons, known for his interest in cryptocurrencies and NFTs, is a member of the House Financial Services Committee and has previously advocated for digital asset legislation. The Pudgy Penguin NFT move is seen as a sign of increasing political engagement with digital assets and NFT communities. Meanwhile, Rep. Warren Davidson has introduced the Bitcoin For America Act, a bill that would allow Americans to pay federal taxes in Bitcoin, with all proceeds going into a Strategic Bitcoin Reserve. The legislation aims to modernize the financial system, remove capital gains tax barriers for Bitcoin tax payments, and position the U.S. as a leader in the digital asset economy. The reserve would serve as a long-term store of value, with strict custody standards and a minimum holding period. Supporters argue this move could strengthen U.S. financial resilience and keep the nation competitive as other countries accumulate Bitcoin.