Following his draft bill to prevent new legislation on cryptocurrencies, Texas Republican Stephen Ernest (“Steve”) Stockman did not mince words in a follow-up speech at the New York City Bitcoin Center, .
Last week, Stockman introduced a draft bill titled “Cryptocurrency Protocol Protection and Moratorium Act.” It calls for the legal recognition of cryptocurrencies as currencies and a five-year moratorium on any new legislation pertaining to them (except for legislation of the bill, itself).
Miners would also get a break. Bitcoins generated from mining should not be taxable until converted to fiat because they are volatile assets of unstable value (yet they should still be recognized as currency).
Stockman has been an outspoken supporter of digital currencies. He had also of Bitcoin as a currency shortly after the IRS ruling deeming it property, saying, “Along with 3-D printers and nanotubes, cryptocurrency is the future.”
In his most recent speech he expanded upon his rationale for the bill:
“This is the leave us the hell alone bill. Don’t step on the seed. Don’t step on the little tiny plant while it’s starting out.”
Allowing cryptocurrency to bloom for five years, unhindered and free of taxation, is the preferred course. “This is a small venue right now. But eventually, if the government stays out of it, this thing can take off globally,” he said, repeatedly warning of the government’s power and how the US “is in dire need for freedom.”