Congressman Stockman Seeks to Introduce Bill to Congress Declaring Bitcoin A Currency, Not Property
Source: United States Congress. Congressman Steve Stockman of the 36th District of Texas is embracing digital currency. He made himself known in the bitcoin space at the end of last year when he began accepting bitcoin donations for a Senate campaign. Last night at the New York City Bitcoin Center, Representative Stockman brought a copy of a bill he's planning to introduce to the 113th Congress (second session) on the topic of virtual currencies. Entitled "To change the tax status of virtual currencies from property to currency", the bill (formally called the Virtual Currency Tax Reform....
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Earlier today, Congressman Stockman (TX-36) announced on his website in a press release that he plans to introduce the "Virtual Currency Tax Reform Act." I wish he had taken it a step further and called it the "Digital Currency Tax Reform Act," but one can only have so many wins in a day. This piece of legislation, if enacted, would revise the IRS Virtual Currency Guidance released very late last month. Instead of treating virtual currencies such as Bitcoin as property, the Virtual Currency Tax Reform Act will call for their treatment as currency. The exact text of the proposed legislation....
US Congressman Steve Stockman of Texas is preparing to introduce a new bill, the 'Virtual Currency Tax Reform Act', which, if passed, would tax bitcoins as currency instead of property. Currently, the US Internal Revenue Service (IRS) views bitcoin and other digital currencies as property. When someone sells their bitcoin or makes a purchase in bitcoin, they are subject to a 15% capital gains tax. Any wages paid out in digital currencies must also be reported to federal tax authorities. (Readers can learn more about the IRS decision here.) Stockman's proposal recognizes bitcoin and other....
Source: United States Congress. Congressman Steven Stockman of Texas appeared last night at the New Year's Eve bash at the New York City Bitcoin Center and announced acceptance of bitcoin for his upcoming senate campaign, but perhaps more interestingly, his desire to put together a bill in support of bitcoin. The representative is seeking support of a clear-cut bill that is designed to keep federal, state, and local government from interfering with bitcoin and the bitcoin economy, according to Charles Peralo, a director of new business at the NYC Bitcoin Center and was in attendance at the....
Yesterday, Texas Congressman Steve Stockman introduced a new House Resolution (HR 5777) entitled: "To protect cryptocurrencies." Congressman Steve Stockman is a Republican, from Texas's 36th Congressional district, who has become one of cryptocurrency's most ardent supporters in politics. Back in May, Stockman introduced HR 4602: Virtual Currency Tax Reform Act after the IRS revealed its virtual currency guidance for taxation. Texas has established itself as one of the most friendly states towards Bitcoin and cryptocurrencies. Also read: Texan Congressman to Introduce Virtual Currency Tax....
US Representative Steve Stockman (R-TX) received widespread praise from the bitcoin community this week after submitting a bill to US Congress that would prohibit any state or federal regulator from passing bitcoin regulation for the next five years. Though it may face difficulties appealing to lawmakers who aren't well-versed in the technology, Stockman staunchly advocates for the bill, known formally as the Cryptocurrency Protocol Protection and Moratorium Act, which he views as integral to promoting future job creation in the US. Speaking to CoinDesk, Stockman indicated that he believes....