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New Legislation to Support Blockchain and Cryptocurrencies

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legislation blockchain cryptocurrency

Congressman Tom Emmer will introduce three groundbreaking bills to support blockchain technology and digital currency legislation.

The U.S. Should Prioritize Legislation

In fact, “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,” said Congressman Emmer.

“Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States,” he says on his site.

Resolution Supporting Digital Currencies and Blockchain Technology

For example, this resolution expresses support for the industry and its development in the United States.  Like the Internet, the federal government should provide a light touch, consistent, and simple legal environment.

Blockchain Regulatory Certainty Act

Blockchain related entities that never take control of consumer funds do not need to register as a money transmitter. Some examples of these entities include “miners” that validate network integrity and multi-signature providers that provide enhanced asset security to users.

Safe Harbor for Taxpayers with Forked Assets Act 

In addition, taxpayers can only comply with the law when the law is clear.

In particular, this bill will provide a safe harbor for taxpayers with “forked” digital assets. Further it will restrict fines against individuals that attempt to report these assets until the IRS provides any type of guidance regarding the appropriate means of reporting them.

Interesting to note, the new bills come on the same day he and Rep. Bill Foster are now chairs of the Congressional Blockchain Caucus.  This group will focus on the development of blockchain.

“I am proud to join my colleagues to lead Congress so that policymakers and industry can work together to realize this promise and unleash its economic potential in the United States and around the world,” Foster said in a statement.

 

 

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