H.R.5777 - "To protect cryptocurrencies."

[smracer]

https://www.congress.gov/bill/113th-congress/house-bill/5777/titles

What is this bill?

[TheButterZone]

The text of the bill will appear on that site soon.

But as government has no problem infringing the fuck out of what shall not be, so will this be violated.

[Nagle]

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.

[justmyname]

This Bill is what we want. Hopefully it gets passed. Should be supported by all Crypto ussers. Article below makes it clear.

http://cointelegraph.com/news/113048/us-rep-steve-stockman-introduces-bill-to-protect-cryptocurrencies

[NewLiberty]

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.

[The00Dustin]

It encourages a redefinition from the IRS, it does not enforce that.

This is good, IMO, there is no reason taxpayers shouldn't be allowed to choose a classification at time of purchase, holding some as currency and some as capital.  The only problem with this would be that there's really no way to prove that someone didn't choose the classification after the fact to take advantage of the differences in taxation.

ETA, as I posted in the other thread (since it is unlikely that it would ever be up to the individual to choose a classification):
My thoughts on this:
https://bitcointalk.org/index.php?topic=883790.msg9785132#msg9785132
tldr: You have to keep track of cost basis and calculate gain either way, so the capital gain/loss adjustments have greater potential to help even the average user on taxes than the small transaction exclusion.

[2dogs]

This Bill is what we want. Hopefully it gets passed. Should be supported by all Crypto ussers. Article below makes it clear.

http://cointelegraph.com/news/113048/us-rep-steve-stockman-introduces-bill-to-protect-cryptocurrencies

It is what you want - which is why I would be shocked if it passes.

There is very little common sense or logic when bills are created, just politics.