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U.S. Congressman Emmer Drafts Blockchain Development Bills

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Emmer blockchain

U.S. Representative, Tom Emmer is introducing a trio of blockchain and cryptocurrency bills.

Not only will they help secure government support, they could help clarify regulations.

Furthermore, the new legislation aims to introduce a tax scheme for hard forked assets.

The Statement

According to the statement from Emmer:

“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.”

He said that the legislators needed to do more by “embracing emerging technologies.”

The first bill provides support for this technology and calls for a “light-touch regulatory approach” so that these technologies can flourish. Additionally, the bill highlights some of the major advantages provided by the blockchain technology and cryptocurrencies. This includes the provision of financial services to those who are currently underserved by the traditional financial system.

The Blockchain Regulatory Certainty Act

The second bill focuses on crypto miners. It places emphasis on the entities required to register as a money transmitter in the U.S.

Moreover, the bill designates miners and multisig-wallet providers as blockchain entities. Therefore, these entities do not need a money transmitter license to operate in the country since they do not control consumer funds.

Furthermore, the third bill considers the absence of regulatory guidelines and aims to create a “safe harbor for the tax treatment of hard forks of convertible virtual currency.”

This bill will prevent taxpayers incurring fines from the Internal Revenue Service (IRS). Therefore, this will remain in effect until the IRS formulates clear guidelines regarding the procedure for reporting gains.

These proposals are the first blockchain-related bills that underscores the necessity for regulatory clarity and greater legislative engagement with the industry.

The Congressional Blockchain Caucus is a bipartisan group. It comprises of legislators “who believe in the future of blockchain technology, and understand that Congress has a role to play in its development.”

 

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