but that law will never pass anything.
... but sadly you're right. They need to let bitcoin grow naturally and not try to stifle it's growth.
Topic: [2014-12-04] Proposed US Law Calls For Five-Year Moratorium on Bitcoin Regulatio (Read 1442 times)
December 08, 2014, 11:28:29 AM
Sounds good...
... but sadly you're right. They need to let bitcoin grow naturally and not try to stifle it's growth.
... but sadly you're right. They need to let bitcoin grow naturally and not try to stifle it's growth.
December 08, 2014, 04:13:30 AM
I agree that it will probably not pass, the federal reserve will see to that, but it's good that there are one or two politicians out there that have at least considered it, regardless, they will not stop us.
December 08, 2014, 02:34:50 AM
I think this is a good idea! In 5 years much will change in Bitcoin, especially if it is not regulated. It will grow into the life it's supposed to have.
I think they should also make it tax free for the next 5 years too!
I think they should also make it tax free for the next 5 years too!
December 06, 2014, 10:28:42 PM
No matter whether the bill will be passed, it reflects the idea many ppl have. Many ppl will continue to work on spreading the bitcoin technology as much as possible and eliminating the obstacles on its way to the goal.
Yes, very cool.
I'm curious if the state of Ohio would consider this to allow bitcoin to be used for alcohol sales... very exciting!
December 06, 2014, 08:00:12 PM
No matter whether the bill will be passed, it reflects the idea many ppl have. Many ppl will continue to work on spreading the bitcoin technology as much as possible and eliminating the obstacles on its way to the goal.
December 05, 2014, 11:38:34 AM
but that law will never pass anything.
Regardless, it certainly doesn't hurt to review the bill and write your representative with about it. 
December 05, 2014, 10:16:44 AM
but that law will never pass anything.
December 04, 2014, 07:19:14 PM
Quote
HR 5777, a new bill submitted to Congress by US Representative Steve Stockman (R-TX), calls for a five-year moratorium on digital currency regulation within the US.
The bill, titled the Cryptocurrency Protocol Protection and Moratorium Act, would hold off any “statutory restrictions or regulations” for the five-year period after 15th June 2015. The bill was submitted on 1st December and has since been referred to both the House Committee on Ways and Means and the House Committee on Financial Services.
The draft law also calls for virtual currencies to be classified as traditional currencies under US tax regulations. Currently, the IRS taxes bitcoin holdings as though they were a type of property. Stockman filed a bill earlier this year looking to classify digital currencies similarly to foreign currency.
The timing is notable given the pending finalization of the New York Department of Financial Services's (NYDFS) BitLicense framework, the comments of which were made public on the regulatory group's website yesterday.
In past statements, Stockman said he believes that “New York is putting the cart before the horse” in shaping its regulatory framework.
The section outlining the regulatory moratorium reads:
“Neither the Federal Government nor any State or political subdivision thereof shall impose any statutory restrictions or regulations specifically identifying and governing the creation, use, exploitation, possession or transfer of any algorithmic protocols governing the operation of any virtual, non-physical, algorithm or computer source code-based medium for exchange.”
The clause also calls for "further suspending the enactment and effectiveness of any and all pending statutes and regulations until the end of the aforementioned moratorium period, except as otherwise provided in this section".
Pointing to bitcoin benefits
According to HR 5777, the moratorium is needed to fully assess and examine the potential economic benefits of digital currencies.
The draft text suggests that bitcoin may offer the American public economic and technological advantages, and "may be crucial to overall economic growth".
Stockman's move to preempt regulatory frameworks both currently in development and in the future reflects prior statements by the Texas Republican, who suggested in previous conversation with CoinDesk that the rules being written for bitcoin today would drive away the individuals and companies needed to ensure its success.
As Stockman commented in July:
“Many [doctors] are dropping out of the profession because it’s overregulated. Now, what may happen to the bitcoin community is that, if there’s so much regulation, there’ll be a lot of people who say, 'You know what, I’m done with this. I’m not gonna do it.' And it’s going to crush the industry.”
Whether the bill will be passed remains to be seen. Following the release of the draft text, Bitcoin Foundation global policy counsel Jim Harper noted on Twitter that the bill may likely fall short due to lack of support and Stockman's pending exit from Congress after his unsuccessful bid for the US Senate.
The bill, titled the Cryptocurrency Protocol Protection and Moratorium Act, would hold off any “statutory restrictions or regulations” for the five-year period after 15th June 2015. The bill was submitted on 1st December and has since been referred to both the House Committee on Ways and Means and the House Committee on Financial Services.
The draft law also calls for virtual currencies to be classified as traditional currencies under US tax regulations. Currently, the IRS taxes bitcoin holdings as though they were a type of property. Stockman filed a bill earlier this year looking to classify digital currencies similarly to foreign currency.
The timing is notable given the pending finalization of the New York Department of Financial Services's (NYDFS) BitLicense framework, the comments of which were made public on the regulatory group's website yesterday.
In past statements, Stockman said he believes that “New York is putting the cart before the horse” in shaping its regulatory framework.
The section outlining the regulatory moratorium reads:
“Neither the Federal Government nor any State or political subdivision thereof shall impose any statutory restrictions or regulations specifically identifying and governing the creation, use, exploitation, possession or transfer of any algorithmic protocols governing the operation of any virtual, non-physical, algorithm or computer source code-based medium for exchange.”
The clause also calls for "further suspending the enactment and effectiveness of any and all pending statutes and regulations until the end of the aforementioned moratorium period, except as otherwise provided in this section".
Pointing to bitcoin benefits
According to HR 5777, the moratorium is needed to fully assess and examine the potential economic benefits of digital currencies.
The draft text suggests that bitcoin may offer the American public economic and technological advantages, and "may be crucial to overall economic growth".
Stockman's move to preempt regulatory frameworks both currently in development and in the future reflects prior statements by the Texas Republican, who suggested in previous conversation with CoinDesk that the rules being written for bitcoin today would drive away the individuals and companies needed to ensure its success.
As Stockman commented in July:
“Many [doctors] are dropping out of the profession because it’s overregulated. Now, what may happen to the bitcoin community is that, if there’s so much regulation, there’ll be a lot of people who say, 'You know what, I’m done with this. I’m not gonna do it.' And it’s going to crush the industry.”
Whether the bill will be passed remains to be seen. Following the release of the draft text, Bitcoin Foundation global policy counsel Jim Harper noted on Twitter that the bill may likely fall short due to lack of support and Stockman's pending exit from Congress after his unsuccessful bid for the US Senate.
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