SAN ANGELO, TX – San Angelo Congressman August Pfluger ensured Tuesday that he is not pushing for cryptocurrency regulation at this time.
In Sep. 2020 former US Congressman from CD 11 Mike Conaway introduced the Digital Commodity Exchange Act of 2020. The bill was introduced in hopes that it would bring digital assets and crypto exchanges under a single federal umbrella overseen by the CFTC.
Unfortunately for Conaway his bill did not pass and his term ended shortly after. Newly elected Congressman of CD 11, August Pfluger, is still undecided about the bill but ensures that as of now there is no push for regulation.
“I’m still in fact-finding mode when it comes to cryptocurrencies and their national security and economic implications,” said Pfluger. “There is growing increase in the marketplace and this could be like discussing the Internet in the 1990s.”
One of Pfluger’s staff members confirmed that no decision has been made on reintroducing the Conaway bill.
According to an article on Coin Desk, in March 2014, the IRS declared that “virtual currency,” such as Bitcoin and other cryptocurrency, will be taxed by the IRS as “property” and not currency. The bill introduced last year by Conaway would have created a federal definition of “digital commodity exchanges,” putting them in their own legal category and charging the Commodity Futures Trading Commission (CFTC) with oversight.
Currently in the Permian Basin there are multiple companies converting gas flairs into cheap energy to run crypto mining operations.