Rep. Tom Emmer (R-MN), a member of the US Congress, had been hyping since Friday that he intends to introduce three new cryptocurrency related bills in the US Congress. Earlier today, he announced these bills. The congressman believes that the US government needs to pass a favourable legislation in order to be fair to the blockchain industry - which is booming around the world.
Emmer has introduced these three bills which talk about blockchain regulations, forked assets, as well as a house resolution for the support of the cryptocurrency industry at large. The congressman commented, saying:
“The United States should prioritize accelerating the development of blockchain technology, and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills.”
Let us now take a closer look at the three bills which have been proposed by Rep. Tom Emmer:
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Emmer’s first cryptocurrency-related bill is actually a house resolution, which expresses support for the cryptocurrency and blockchain technology. As per Emmer, the US government should not stop the development of these two sectors and that legislators in the Congress need to come together to develop a clear and concise legal framework for cryptocurrencies.
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The second bill introduced by Rep. Emmer is the Blockchain Regulatory Certainty Act, which states that entities that do not have a full control over the funds of a consumer do not need to be registered with the government as ‘money transmitters’ as their primary function is to validate the integrity of the network and thereby provide a better security for those using digital assets.
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The third and final bill proposed by Rep. Emmer is that of Safe Harbor for Taxpayers with Forked Assets Act of 2018. This bill addresses the confusion that arises with the taxpayers when it comes to reporting the profits gained as a result of cryptocurrency forks. As of now, the Inland Revenue Services (IRS) have no guidelines on how to report these funds. This bill also has a provision which protects the taxpayers against fines imposed by the IRS till clearer guidelines are made available.
Emmer also commented that:
“Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”
Emmer believes that these legislations, if they are put into effect, would help the US Blockchain industry boom further. Moreover, this would attract investors towards investing in the US Blockchain startups and firms because of a clear regulatory backdrop. It is also worth noting that Emmer has been named the co-chair of the Congressional Blockchain Caucus.
The Congressional Blockchain Caucus is a collaboration of congressmen having come together for the discussion and development of a regulatory framework which would help promote decentralized technologies such as the blockchain platform, as well as cryptocurrencies. The Congressional Blockchain Caucus started off in February of this year.
It would be interesting to see how the US Congress deals with these bills and if these bills get approved. Stay tuned with us at Cryptoground for more updates from the world of cryptocurrencies and the blockchain technology!