Tom Emmer announced on September 21 that he would introduce three new bills on the ground of supporting blockchain and cryptocurrency within the United States. The US in an attempt to be a leader in the arena needs to pass a favorable legislation to the constantly proliferating blockchain industry.
The US Congress Representative Emmer (R-MN 6th District) proposed new bills that discuss blockchain regulations, forked assets including house resolution in support of the digital currency industry at a large extent. The federal government needs to provide a simple legal environment in the US and establishes a safe zone for the taxpayers with “forked” digital assets.
Creation of a milieu that will promote the blockchain and cryptocurrency industries is vital, according to Emmer, without which the players in the American private sectors would not lead to innovation and further growth. Here we have tried to give you a closer look at the three bills that have been proposed by Emmer.
The first bill is of a resolution to support the digital currencies and blockchain technology. This resolution demands support for the industry and its development in the US. The federal government is being urged to provide the required consistent support.
The second bill, as stated by Emmer House, talks about Blockchain Regulatory Certain Act. This states that the entities that never take full control of consumer funds do not require registering as a money transmitter.
The third bill addresses the confusion that arises with the taxpayers when it comes to reporting the financial profits generated due to the cryptocurrency forks, as elaborated by CryptoGround. On the other hand, this bill contains a provision that also safeguards the taxpayers against fines imposed by the IRS.
The Congressional Blockchain Caucus is a governmental podium to examine the implications of blockchain and cryptocurrency. The 57-year old Emmer, who took office in January 2015 after winning in November 2014 election, has taken up the position of co-chairman of the Congressional Blockchain Caucus very recently. The organization believes in a hands-off regulatory approach to allow both the industries to prosper in the same way the Internet did automatically.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]