3.0.0 5892 2023-01-11T13:29:18Z 2023-01-11T13:29:18Z House H HR 2015-01-02 113 hsag00 Agriculture Committee House Standing Referred to 2015-01-02T18:00:20Z hswm00 Ways and Means Committee House Standing Referred to 2015-01-02T18:00:15Z hsba00 Financial Services Committee House Standing Referred to 2015-01-02T18:00:10Z 2015-01-02 Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsag00 Agriculture Committee 2015-01-02 Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-01-02 Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-01-02 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-01-02 Introduced in House IntroReferral 1000 9 Library of Congress S000937 Rep. Stockman, Steve [R-TX-36] STEVE STOCKMAN R TX 36 N Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Computers and information technology Contracts and agency Currency State and local government operations Tax administration and collection, taxpayers Finance and Financial Sector 00 2015-01-02 Introduced in House 2015-01-30T19:47:28Z Online Market Protection Act of 2014 - Prohibits, for a five-year moratorium period beginning June 1, 2015, federal, state, and local governments from imposing 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 (cryptocurrency).

Defines cryptocurrency as a popular term encompassing code-based protocols supporting an electronic, non-physical medium for the exchange of value.

Prohibits all such governmental entities, during the moratorium period, from imposing further statutory restrictions or regulations affecting Smart Contract platforms such as cryptographic escrow services, multi-signature transactions, and oracles in order to allow for the growth and facilitation of these facets of cryptological technology.

Requires federal and state agencies to consider cryptocurrencies "exempt commodities" akin to gold and silver, rather than "excluded commodities" such as national fiat currencies. Declares that the Bitcoin cryptological protocol is not strictly a currency, but rather a broad multifaceted protocol which allows for myriad novel applications.

Denies federal and state agencies jurisdiction over Cryptocurrency Economy Transactions or Bitcoin Economy Transactions.

States it is the public policy of the United States that:

  • until the expiration of the five-year moratorium no new statutes, regulations, or advisory opinions be passed, implemented, enforced, or issued governing the creation, use, possession or taxation of cryptocurrencies, including governing protocols, data, codes, algorithms, or other calculations;
  • development and use of any medium of exchange which utilizes cryptographic proof of and for a transaction of cryptocurrency without the need for or reliance upon third-party intermediaries or verification will enhance the economic well-being of the American people and result in significant economic growth;
  • production, possession or use of cryptocurrency, whether in trade, commerce, or personal non-commercial transfers, should not be disfavored or discouraged by either the federal tax code or other governmental statute or regulation; and
  • the current guidance released by the Internal Revenue Service (IRS) in its Notice 2014-21 is advisory, subject to public comment, and not in final form pending the expiration of the comment period, and is less than optimal for the American people and economy.

Directs the IRS to issue or revise interim regulations consistent with U.S. public policy that:

  • virtual currencies should be treated as currency instead of property in order to foster an equitable tax treatment and prevent a tax treatment that would discourage the use of cryptocurrency;
  • taxpayers accepting cryptocurrency in trade or commerce should be deemed to realize actual income only when cryptocurrency is monetized through conversion or exchange into dollars or any official government currency, and that fair market value should be calculated as net proceeds from the conversion; and
  • mined or produced cryptocurrency should be taxed as income only when actual income is realized by a transfer and conversion of proceeds into dollars.
]]> Online Market Protection Act of 2014 Display Title Online Market Protection Act of 2014 Official Title as Introduced To protect cryptocurrencies. Introduced in House IH Short Titles as Introduced Online Market Protection Act of 2014 Introduced in House 2015-01-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5892ih/xml/BILLS-113hr5892ih.xml 2015-01-02 Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.