Edit: google sent me to the wrong bill, this is in committee. Apparently when I searched for new crypto law text, google thought I wanted bills written by high schoolers about crypto.

https://www.congress.gov/119/bills/s954/BILLS-119s954is.pdf

So I decided to read this bill to work my way through all the FUD and report back, and I can say with some confidence this bill was written by old people with no idea what bitcoin does, and 20-year-olds who think language is substance. Here are some gems:

The facilities to hold the bitcoin need to be spread around in secure places, to prevent theft. Of a digital currency. They literally un-memed “the files are in the computer.”

It does state that Bitcoin is a currency and it shows stability, comparing it to gold. So a point for the fears it legitimizes a very unstable digital currency held by a number of anonymous large stakeholder that can push price.

Terminology vaguely describes vague terms. They define terms poorly, which opens the door to later confusion and argument what they mean. “Fork” I especially call out; I read legal documents and I wouldn’t sign this without clarifications.

The government is buying a million coins over 5 years, then they are permitted to sell 10% a year. So they just backstopped bitcoin.

They are paying for it (in part) by making banks hand in their gold certificates, having them revalued, and making banks pay the difference. Banks will Not like this. I wonder if they’ll refuse the new certificates.

This is a very short bill, give it a read. This is very poorly written and thought out in my opinion, but spot on for the current government. It will, however, greatly stabilize and increase bitcoin prices.