Bill text.Main provisions:
* Federal preemption of new state laws regarding cryptocurrencies. This would preempt New York's law.
* Mining and revenue in cryptocurrencies only taxable upon conversion to dollars. This preempts current IRS guidance.
Zero co-sponsors. GovTrack predicts 1% chance of being enacted.
It pre-empts only law that is not already passed (so it creates a race for states to do stupid stuff ahead of it).
It encourages a redefinition from the IRS, it does not enforce that.
It is a good, but specifically weak law. Perversely that may give it a better chance of passing.
There would need to be a corresponding bill in the Senate for it to go anywhere. Nothing will happen with this any time soon.
What it does do is plant a flag East of Houston TX where there is one sane congresscritter amongst the horde of insane ones.