DC Regulation Act

DC Regulation Act

Osolian law passed by Assembly
Osolian Assembly
Introduced by	Speaker tz_scion
Dates
Presented to the Assembly	11 July 2024
Commencement	12 July 2024
Other legislation
Amends	Diamond Standard Act
Status: Current legislation
History of passage through the Assembly
Text of statute as originally enacted

The DC Regulation Act is a law in Osolia, passed by the Osolian Assembly with 67% approval. This act amends the Diamond Standard Act, and is one of only two bills passed thus far that amends a regular law. This act has been the most controversial bill passed by the Assembly so far, with multiple votes against its passing. This act allows the government to set limitations on minting new DC. These limitations must be approved by an Assembly vote.

Background

It was becoming clearer that the diamond cent, or DC, the currency of Osolia at this time, was becoming overly inflated due to the ability to mint as many diamonds as one was able to mine, causing issues when players could obtain pickaxes with Fortune III on them.

To attempt to alleviate this issue, Chief TriforceComet suggested that a daily and monthly limit be imposed on the ability to mint DC, initially suggesting the figures of 5 diamonds/640 DC for daily minting, and 75 diamonds/9600 DC for the monthly minting limit, equivalent of 15 days of submissions. This suggestion was quickly debated on, sometimes becoming a bit heated, as sides began to form on the matter. To attempt to alleviate some of these concerns, Speaker Scion created a simulation of the limited minting system using the Unity game engine. Speaker Scion, satisfied with his findings, then formally wrote and proposed the DC Regulation Act on July 11, 2024. It was passed with the lowest approval percentage in Assembly history on July 12, 2024.

Provisions

Amendments to Diamond Standard Act

This is the only article in the short amendment, and it states that the Chiefdom may provide its diamond exchange service in a limited capacity. The policy must be clearly defined and approved by a majority vote of the Assembly.

Usage and controversy

A few days later, on July 15, 2024, discussion began in the Assembly about how to utilize this newly-passed bill to impose a limit on DC minting to properly slow inflation while not being too detrimental to the economy. This became a heated debate, with one side in favor of taking immediate action, while the other side stated that the issue was not big enough for what was considered by them as a "stop-gap" that could be slightly harmful to the economy if executed poorly.

Eventually, Acting Speaker Michael Webb, appointed that day by Speaker Scion due to a power outage at his home decided to collect together what seemed to be a consensus on what limit to impose on DC minting and started a measure per the requirements of the DC Regulation Act. The proposal stated that a monthly limit of 25 diamonds, or 3200 DC, would be imposed. The limit would reset on the first day of each month at midnight UTC. With many still seeing this as nothing but a stop-gap solution that would not do much or even be harmful, this measure was one of the few in Assembly history to fail by a wide margin, as the measure was struck down by a vote of 1-6, a record low 14% approval among those who voted.

Term 4, Measure 8 - Set the monthly DC minting limit to 25 diamonds/3200 DC

Choice		Votes	%
Yes, set this limit		1	11.11
No, do not set this limit		6	66.67
Abstain		2	22.22
Total		9	100.00

The law has not been used since, and is seen as mostly abandoned today, despite still being passed and currently a part of Osolian law.