SB 112-23: Competing Currencies Act (Failed)

[Mr. Reactionary]

COMPETING CURRENCIES ACT

SECTION I: NAME
a. This act shall be referred to as Competing Currencies Act

SECTION II: Competing Currencies
a. Gold and silver shall be considered forms of legal tender.

b. Cryptocurrencies, with a value that is purely economic, used in transactions, and for storing money, shall be considered an alternative form of currency.

c. Any regulations prohibiting Atlasians from using gold, silver, cryptocurrency and any other alternative currencies developed in the future in financial transactions if a seller accepts the payment in alternative currency or legal tender are hereby eliminated.

d. Any regulations prohibiting an employer from paying an employee in legal tender or cryptocurrency if the employee accepts wages in an alternative currency or legal tender are hereby eliminated.

e. All federal taxes on gold and silver are hereby eliminated.

f. Any regulations prohibiting the operation of private mints for alternative currencies are hereby eliminated.

g. Nothing in this act shall modify, amend, or supersede the No Foolish Tokens Act.

SECTION III: TIME
a. This act shall take effect July 4, 2023.

Sponsor: DeadPrez
Debate on this bill is now open.

[S019]

Crypto is currently collapsing, this is a very bad idea

[WD]

Motion to table

[S019]

Motion to table

Seconded

[Mr. Reactionary]

96 hour rule. No motions to table within the first 96 hours a bill is on the floor.

[Mr. Reactionary]

Does the sponsor have anything to add? I may propose an amendment if the sponsor has nothing to add.

[S019]

Motion to table

[West_Midlander]

Motion to table

Don't know if this is necessary but if so, I object

[Mr. Reactionary]

Amendment. 24 hours to object.

h. The regulation mandating that merchants and traders regulated by the Commodity Futures Trading Commission (CFTC) must pre-fund a margin account prior to offering to buy CFTC regulated securities shall be amended to exempt merchants and traders who transfer their margin at the time of the trade. 17 CFR 30.7 shall be amended accordingly.

[WD]

Objection

[West_Midlander]

Objection

Care to give a reason why you’re wasting the Senate’s time?

[Mr. Reactionary]

While 24 hours had passed before the objection was made, I will graciously allow for an amendment vote regardless.

A vote on the amendment is now open for 48 hours or until everyone votes, whichever occurs soonest. Please vote aye, nay, or abstain.

[Mr. Reactionary]

Aye

[West_Midlander]

Aye

[Saint Milei]

Aye

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

Aye

[PPT Spiral]

Aye

[Southern Senator North Carolina Yankee]

Aye

I support the current amendment.

But I have deep reservations about clause 2 of the underlying bill. I get that "alternative currency" is a standard below legal tender, but I am skeptical of us directly sanctioning crypto in this way. It seems to run counter the hard money promise that comes with say Gold or Silver or even paper dollars for that matter. I mean if the power goes out world gone wrong style, crypto is basically gone at that time if I am not mistaken.

[Utah Neolib]

Aye

[Devout Centrist]

Nay

[Mr. Reactionary]

Amendment passes 7-2-0-9. Debate resumes.

[Mr. Reactionary]

Id really like some form of this to pass. It seems the crypto stuff is the biggest concern. Id like to offer the following comprehensive amendment to clean up and clarify the bill and hopefully address some of the concerns brought up without undermining too much of DeadPrezs goals. 24 hrs to object.

COMPETING CURRENCIES ACT

SECTION I: PRECIOUS METALS

1. Gold and silver shall be considered forms of legal tender for all public debts and all private debts in which both parties consent to the form of payment.

2. For public debts the conversion rate of legal tender shall be:

A. $30 per Ounce of .999 Fine Silver

B. $2,000 per Ounce of .999 Fine Gold

3. Silver and gold offered as payment for public debts shall be minted into a uniformly sized coin, round, or bar:

A. by the governments of Atlasia, any Region therein, or any foreign country determined by the Secretary of State to have accurate and trustworthy mints; or

B. by a private mint that has not been determined by the Attorney General or any federal or Regional court of competent jurisdiction to have engaged in counterfeiting, adulteration, fraudulent weighing or marking, or any similar unfair trade practice related to the purity, weight, or identification of minted products.

4. For private debts, both parties shall consent to the conversion rate of legal tender as well as the purity, weight, form, and mint of the gold or silver. This may include private currencies in the form of warehouse certificates entitling the bearer to redeem the certificate for a fixed amount of existent gold or silver on demand.

5. Gold or silver paid to an employee or contractor pursuant to an employment contract shall be treated as income and shall not be subject to any additional capital gain tax upon the sale or conversion of such gold or silver into Atlasian currency.

6. Gold or silver may be paid directly to an employee as part of a 401(K) or IRA retirement package on the same terms and with the same tax rate as any other investment. If the employee does not sell or convert the gold or silver into Atlasian currency until retirement then such gold or silver shall not be subject to any additional capital gain tax upon the sale or conversion of such gold or silver into Atlasian currency upon retirement.

7. The regulation mandating that merchants and traders regulated by the Commodity Futures Trading Commission (CFTC) must pre-fund a margin account prior to offering to buy CFTC regulated securities shall be amended to exempt merchants and traders who transfer their margin at the time of the trade. 17 CFR 30.7 shall be amended accordingly.

SECTION II: CRYPTOCURRENCY

1. The mutually agreed upon use or transfer of any cryptocurrency as a form of payment in a transaction for actual goods or services shall not be subject to any additional capital gain tax upon such use or transfer.

2. Cryptocurrency may be paid directly to an employee as part of a 401(K) or IRA retirement package on the same terms and with the same tax rate as any other investment. If the employee does not sell, use, or convert the cryptocurrency into Atlasian currency until retirement then such cryptocurrency shall not be subject to any additional capital gain tax upon the sale, use, or conversion of such cryptocurrency into Atlasian currency upon retirement.

3. Nothing in this act shall modify, amend, or supersede the No Foolish Tokens Act.


SECTION III: TIME
a. This act shall take effect July 4, 2023.

[Saint Milei]

I support the amendment. This isn't about creating a gold standard. The Atlasia government still maintains it's current abilities in terms of monetary policy. This just gives consumers options in how they save or store their wealth

[Saint Milei]

I am open to some crypto regulations given the recent scams

[Mr. Reactionary]

Amendment is adopted.