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From: President of the United States Barack Hussein Obama II
To: The United States Congress
Dated: 5 April, 2013
Presidential Executive Order 6102
Forbidding the Hoarding of Bitcoin, Casascius coins and Litecoin By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 2012, as amended by Section 2 of the Act of March 9, 2013, entitled
An Act to provide relief in the existing national emergency in banking, and for other purposes~’,
in which amendatory Act Congress declared that a serious emergency exists,
I, Barack H. Obama II, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding Bitcoin, Casascius coins, and Litecoin within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of the order:
Section 1. For the purpose of this regulation, the term ‘hoarding” means the withdrawal and withholding of Bitcoin, Casascius coins, and Litecoin from the recognized and customary channels of trade. The term “person” means any individual, partnership, association or corporation.
Section 2. All persons are hereby required to deliver on or before May 1, 2013, to the Bitcoin Foundation or a branch or agency thereof or to any founder of the Bitcoin Foundation all Bitcoin, Casascius coins, and Litecoin now owned by them or coming into their ownership on or before April 28, 2013, except the following:
(a) Such amount of Bitcoin as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including Bitcoin prior to refining and stocks of Bitcoin in reasonable amounts for the usual trade requirements of owners mining and refining such Bitcoin.
(b) Bitcoin and Litecoin in an amount not exceeding in the aggregate $100.00 belonging to any one person; and Bitcoins having recognized special value to collectors of rare and unusual coins.
(c) Bitcoin and Casascius coins earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements.
(d) Bitcoin and Casascius coins licensed for the other proper transactions (not involving hoarding) including Bitcoin and Casascius coins imported for the re-export or held pending action on applications for export license.
Section 3. Until otherwise ordered any person becoming the owner of any Bitcoin, Casascius coins, and Litecoin after April 28, 2013, shall within three days after receipt thereof, deliver the same in the manner prescribed in Section 2; unless such Bitcoin, Casascius coins, and Litecoin are held for any of the purposes specified in paragraphs (a),(b) or (c) of Section 2; or unless such Bitcoin, Casascius coins is held for purposes specified in paragraph (d) of Section 2 and the person holding it is, with respect to such Bitcoin or Casascius coins, a licensee or applicant for license pending action thereon.
Section 4. Upon receipt of Bitcoin, Casascius coins, or Litecoin delivered to it in accordance with Section 2 or 3, the Bitcoin Foundation or founder will pay thereof an equivalent amount of any other form of coin or currency coined or printed under the laws of the Unites States.
Section 5. Founders shall deliver alt Bitcoin, Casascius coins, and Litecoin owned or received by them (other than as exempted under the provisions of Section 2) to the Bitcoin Foundation of there respective districts and receive credit or payment thereof.
Section 6. The Secretary of the Treasury, out of the sum made available to the President by Section 501 of the Act of March 9, 2013, will in all proper cases pay the reasonable costs of transportation of Bitcoin, Casascius coins, and Litecoin delivered to a founder or the Bitcoin Foundation in accordance with Sections 2, 3, or 5 hereof, including the cost of insurance, protection, and such other incidental costs as may be necessary, upon production of satisfactory evidence of such costs. Mt.Gox Code forms for this purpose may be procured from the Bitcoin Foundation.
Section 7. In cases where the delivery of Bitcoin, Casascius coins, or Litecoin by the owners thereof within the time set forth above will involve extraordinary hardship or difficulty, the Secretary of the Treasury may, in his discretion, extend the time within which such delivery must be made. Applications for such extensions must be made in writing under oath; addressed to the Secretary of the Treasury and filed with the Bitcoin Foundation. Each applications must state the date to which the extension is desired, the amount and location of the Bitcoin, Casascius coins, and Litecoin in respect of which such application is made and the facts showing extension to be necessary to avoid extraordinary hardship or difficulty.
Section 8. The Secretary of the Treasury is hereby authorized and empowered to issue such further regulations as he may deem necessary to carry the purposes of this order and to issue licenses there under, through such officers or agencies as he may designate, including licenses permitting the Bitcoin Foundation and founders of the Bitcoin Foundation, in return for an equivalent amount of other coin, currency or credit, to deliver, earmark or hold in trust Bitcoin or Casascius coins to or for persons showing the need for same for any of the purposes specified in paragraphs (a), (c), and (d) of Section 2 of these regulations.
Section 9. Whoever willfully violates any provision of this Executive Order or these regulation or of any rule, regulation or license issued there under may be fined not more than $10,000, or,if a natural person may be imprisoned for not more than ten years or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both.
This order and these regulations may be modified or revoked at any time.
Barack H. Obama II
President of the United States of America
April 5, 2013