In a move that left both allies and opponents reeling, President-elect Donald Trump has tapped pro-crypto Florida Congressman Matt Gaetz to serve 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 staunch advocacy of 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 the systemic corruption at DOJ, and return the Department to its true mission of fighting Crime, and upholding our Democracy and Constitution,” Trump wrote on his Truth Social network on Wednesday.
With Bitcoin soaring to a record high of $93,477 following the announcement, the market is already responding positively to the prospect of a more supportive regulatory environment.
Gaetz’s nomination came following the Republican Party's success in the 2024 elections, where pro-crypto candidates secured majorities in both the House and Senate.
However, the announcement of his nomination was met with gasps during a closed-door meeting of House Republicans, with several members reportedly expressing disbelief, as per an Axios report.
Reportedly, multiple senators expressing 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, pushing back against what he views as federal overreach 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, enabling the IRS to accept Bitcoin for tax payments and enter into contracts for related services.
Despite the enthusiasm from the crypto sector, Gaetz faces a tough confirmation battle. His past legal troubles—including a federal investigation into allegations of sex trafficking, which ended without charges—are likely to be scrutinized during Senate hearings.
He was also under an ethics review in the House over allegations related to misconduct and inappropriate use of funds.
On Wednesday, House Speaker Mike Johnson confirmed that Gaetz had stepped down from his congressional seat, effectively halting the ethics probe, as investigations are limited to active members of Congress.
For the crypto industry, however, the mere prospect of having a pro-Bitcoin attorney general is already being seen as a significant win.
While Republicans have a majority, just a few dissenting votes could derail the nomination. Yet, Trump's allies are pushing for a swift confirmation, saying Gaetz’s reformist agenda is essential for overhauling the DOJ’s approach to crypto regulations.
Edited by Stacy Elliott.