Tom Emmer, the US congressman stated: “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.”
These groundbreaking bills are meant to support digital currencies and the blockchain technology.
The first bill is about a “Resolution Supporting Digital Currencies and Blockchain Technology.” This bill specifically provides with support for the blockchain and cryptocurrency industry development in the United States. It focuses on establishing a simple legal environment for digital currencies.
The second bill is about “Blockchain Regulatory Certainty Act.” This bill focuses on blockchain based entities who do not take control of consumer funds. The bill states that these entities need not register as money transmitters. This is specifically applicable for miners who do the job of validating the integrity of the network. It also applies to multi-signature providers who provide with improved asset security to users.
The third bill is about “Safe Harbor for Taxpayers with Forked Assets Act.” This bill focuses on establishing that taxpayers will be able to comply with legal statutes only when the law is clear. Taxpayers who have forked digital assets will be able to enjoy a safe harbor with this bill. This bill establishes that the IRS should provide with specific guidance about reporting such assets, thereby restricting fines in cases where appropriate guiding protocols are not exhibited.
Rep. Tom Emmer (R-MN), initiated this bold move and he has to say that if the US should remain a leader in the blockchain industry that it should pass legislation that is favorable to blockchain technology.
He substantiated this by stating, “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.”
The congress personnel was confident and he established that the new legislation will support a rapid growth of the blockchain technology-based industries in the US, thereby providing for a clear guideline for businesses, investors and companies who are using cryptocurrency assets.
Overall, the new legislation will support the rapidly growing blockchain industry within the U.S. by providing clear and concise guidelines for investors companies, and businesses, as well as a safe harbor for taxpayers using cryptocurrency assets.
Rep. Emmer is the co-chair of the Congressional Blockchain Caucus. With the launch of the Caucus, Congressman Jared Polis stated:
“Blockchain’s potential to reshape everything from the financial industry, to supply chains, to cybersecurity, to health care is something we should embrace. I look forward to the Caucus’s upcoming policy briefings and meetings that will educate members of the Congress on these innovative technologies.”
Of note, Jared Polis was forever an outspoken supporter of cryptocurrency and Bitcoin. The fact that lawmakers are slowly beginning to understand cryptocurrency is indicative of the decentralized, open-source currency to establish itself through its tamper-free algorithm, regardless of the whims of the politicians.
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