United States representative, Tom Emmer wants to support the development and use of cryptocurrencies and blockchain technology by introducing blockchain focused bills.
On 22nd September, the U.S. lawmaker announced a trio of blockchain focused bills which he is going to introduce into Congress in the coming weeks. The bills are all about handling the issues of blockchain industry including the development of blockchain industry, crypto mining, cryptocurrency related taxes, and clarifying money transmitter regulations.
Resolution Supporting Digital Currencies and Blockchain Technology bill
The first bill entitled as Resolution Supporting Digital Currencies and Blockchain Technology bill which expresses the support for blockchain industry and its development. The bill also advocates for a light touch, simple, and consistent legal environment.
Blockchain Regulatory Certainty Act
The second, Blockchain Regulatory Certainty Act would ensure that the crypto miners do not have to register as money transmitter because the miners never take control of consumer funds. This bill will also include multisignature wallet providers.
Safe Harbor for Taxpayers with Forked Asset Act
The third bill is entitled as Safe Harbor for Taxpayers with Forked Asset Act. The bill will create a safe harbour for taxpayers who have cryptocurrencies resulting from a network hard fork. The act will prevent the Internal Revenue Service (IRS) from levying fines against the taxpayers who report the gains from cryptocurrency investment, at least until the IRS provides the clear guidelines of reporting such gains.
According to Tom Emmer, “taxpayers can only comply with the law when the law is clear.” Emmer also believes that the United States must accelerate the development of blockchain technology and create an environment which encourages the private sector of the United States to lead the world of this emerging technology. The main reason behind creating these bills it to offer a simple legal environment for the technology. According to Emmer, legislators have to work toward embracing the emerging technology and should provide a regulatory system so that the technology can grow and develop further.
The bills announced by Tom Emmer are the first blockchain related bills which have called for the regulatory clarity and greater legislative engagement with the industry. Emmer is the co-chairman of the Congressional Blockchain Caucus, a platform for the emerging blockchain technology and government collaboration to examine the implications of digital assets and blockchain technology. Blockchain Caucus is a group of pro blockchain legislators who believe in the future of blockchain technology. The group wants that the blockchain technology must evolve in the same way as the internet did on its own.