U.S. Congressman Leading Blockchain & Crypto Legislation

by Seth Mek on September 25, 2018

U.S Rep. Tom Emmer (R-MN) is planning to introduce three bills in support of blockchain technology and cryptocurrencies on the floor of the house. Emmer announced his intentions in a press release via his office on the 21st of this month. The bills are titled, “Resolution Supporting Digital Currencies and Blockchain Technology”, “Blockchain Regulatory Certainty Act”, and the “Safe Harbor for Taxpayers with Forked Assets Act”.

According to Emmer’s statement, the bills are structured to help build a supporting framework for the ongoing development of blockchain tech, and create a simplified tax framework for holders of ‘forked’ digital assets.

“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. Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.” – Tom Emmer

Emmer also tweeted saying:

“I look forward to continue working with my colleagues of the Congressional Blockchain Caucus to support innovation, and the growth of blockchain technology!”

What does this all mean?

Resolution Support Digital Currencies and Blockchain Technology: The resolution aims to move the development of digital currencies and DLT in the U.S forward. It highlights the need for an efficient framework by the federal government, akin to that of the internet.

Blockchain Regulatory Certainty Act: This act ensures that the blockchain entities that don’t take full control of consumer funds are not required to register as money transmitters.

Safe Harbor for Taxpayers with Forked Assets Act: The Safe Harbor Act proclaims that taxpayers only need to comply with the law when it is undeniably clear. The bill aims to provide a safe harbor for taxpayers in possession of said assets.

While this news is a good step forward, there is still a resonating issue in regards to cryptocurrencies. Major corporations, educational institutes, and government authorities in the U.S. have been all for blockchain tech, unfortunately not so much crypto, at least yet.

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