HR 5892 · 113th Congress · Finance and Financial Sector

Online Market Protection Act of 2014

Introduced 2015-01-02· Sponsored by Rep. Stockman, Steve [R-TX-36]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: 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.(2015-01-02)

Plain Language Summary

[AI summary unavailable — showing source text] 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…

Summarized by Claude AI · Non-partisan · For informational purposes only