Bill Overview
Title: To prohibit Federal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person's own use, and for other purposes.
Description: This bill prohibits federal agencies from restricting a person's use of convertible virtual currency for their own purposes or to conduct transactions through a self-hosted wallet.
Sponsors: Rep. Davidson, Warren [R-OH-8]
Target Audience
Population: People using or intending to use convertible virtual currencies for purchases
Estimated Size: 45000000
- Convertible virtual currency is used globally, including cryptocurrencies like Bitcoin, Ethereum, etc.
- The target population includes anyone using or intending to use virtual currencies for purchasing goods or services.
- Virtual currencies are increasingly used in various sectors including retail, investment, and as a remittance tool.
Reasoning
- Convertible virtual currency usage ranges from speculative investments to regular purchases, suggesting a wide array of impact based on how integral virtual currencies are to an individual's activities.
- While many users may experience little change, those deeply involved in cryptocurrency for privacy or financial inclusion purposes may feel a strong impact, either positive or negative.
- Budgetary constraints may limit the program's ability to comprehensively support all potential users immediately, focusing initially on providing assurance and stability in regulatory terms.
- Given the policy's focus on ensuring transactional freedom and control, Cantril Wellbeing Scores are likely to increase among those valuing financial autonomy.
Simulated Interviews
Software Developer (San Francisco, CA)
Age: 34 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- I want more freedom to use my cryptocurrency without worrying about government interference.
- This policy reassures me that my financial transactions are safe from unnecessary restrictions.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 6 |
| Year 3 | 9 | 6 |
| Year 5 | 9 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 8 | 5 |
Freelance Artist (Miami, FL)
Age: 28 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- This policy means I can continue selling my digital art without worrying about legal issues.
- It boosts confidence among buyers and sellers in the crypto art world.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 7 | 4 |
| Year 20 | 6 | 4 |
Financial Analyst (New York, NY)
Age: 45 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 3.0 years
Commonness: 4/20
Statement of Opinion:
- This is a step towards normalizing the use of digital assets.
- I hope it creates more reliable market environments for investors.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 5 | 4 |
| Year 20 | 4 | 4 |
Small Business Owner (Atlanta, GA)
Age: 50 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 2/20
Statement of Opinion:
- Not having federal restrictions makes it easier for me to accept cryptocurrency without fear of backlash.
- It helps maintain steady business relations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 6 |
| Year 3 | 9 | 5 |
| Year 5 | 8 | 4 |
| Year 10 | 7 | 3 |
| Year 20 | 6 | 3 |
Student (Chicago, IL)
Age: 23 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 7.0 years
Commonness: 3/20
Statement of Opinion:
- This policy is good for academic freedom and innovation.
- It feels empowering that I can continue using and experimenting with blockchain freely.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 5 |
| Year 3 | 8 | 4 |
| Year 5 | 9 | 4 |
| Year 10 | 8 | 4 |
| Year 20 | 7 | 4 |
Retired (Seattle, WA)
Age: 60 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 4.0 years
Commonness: 5/20
Statement of Opinion:
- This might stabilize the cryptocurrency market.
- I appreciate any clarity and support for virtual currency use.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 6 | 4 |
| Year 10 | 5 | 3 |
| Year 20 | 4 | 3 |
Tech Entrepreneur (Austin, TX)
Age: 38 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- Having assurance of freedom in using crypto helps my business thrive.
- It aligns with innovation and future tech developments.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 8 |
| Year 2 | 9 | 7 |
| Year 3 | 9 | 6 |
| Year 5 | 10 | 5 |
| Year 10 | 10 | 5 |
| Year 20 | 9 | 5 |
Lawyer (Boston, MA)
Age: 48 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- This policy simplifies legal advice regarding cryptocurrency.
- It benefits my clients in navigating transaction legality.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 4 |
Blogger (Phoenix, AZ)
Age: 32 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 6.0 years
Commonness: 4/20
Statement of Opinion:
- This policy enables me to keep recommending cryptocurrency to my readers confidently.
- Freedom in digital transactions is crucial for financial independence.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 4 |
Online Retailer (Los Angeles, CA)
Age: 40 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 8.0 years
Commonness: 3/20
Statement of Opinion:
- I'm less worried about government action shutting down crypto payments.
- It helps maintain profitability by reducing third-party fees.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 9 | 6 |
| Year 3 | 9 | 6 |
| Year 5 | 9 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 4 |
Cost Estimates
Year 1: $12000000 (Low: $8000000, High: $15000000)
Year 2: $8000000 (Low: $5000000, High: $10000000)
Year 3: $5000000 (Low: $3000000, High: $6000000)
Year 5: $4000000 (Low: $2000000, High: $5000000)
Year 10: $2000000 (Low: $1000000, High: $3000000)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- Rapidly evolving nature of the virtual currency market that can change the impact of the policy over time.
- Potential growth in sectors adopting virtual currencies for transactions, contributing viable new tax revenues, albeit with persistent tracking challenges.
- The uncertain relationship between virtual currencies and the traditional financial system, influencing economic stability.