A U.S. member of Congress announced on Friday, 21st Sept, that three new bills will be introduced to support the development of blockchain technologies and the use of cryptocurrency, within the United States.
The three new bills will encourage the rapidly growing blockchain industry within the U.S. with clear and concise guidelines for investors companies, and businesses. Additionally providing a safer harbor for taxpayers using cryptocurrency assets. A Rep. Tom Emmer (R-MN), the man behind this move feels that if the U.S. needs to set precedence in the blockchain and cryptocurrency space than this favorable legislation is a must.
“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.”
Rep. Emmer, the co-chair of the Congressional Blockchain Caucus also added:
“Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”
The Pro-Crypto Bills
Emmer’s first bill is a House resolution, that expresses support for cryptocurrency and blockchain technology. According to Emmer, the U.S. government cannot do anything to stop their development and thus legislators should enter the space to provide a clear, concise, and legal framework for their use within the country.
The second bill, the Blockchain Regulatory Certainty Act, states that certain entities such as cryptocurrency miners and multi-signature providers, who never fully take control of consumer funds, will not need to be registered as money transmitters. As their presence on the only help validates the network’s integrity, by providing more security for those who use digital assets.
The final bill, the Safe Harbor for Taxpayers with Forked Assets Act of 2018, is aimed to address the confusion regarding filling gains incurred from the cryptocurrency forks to the Internal Revenue Service (IRS). The previously mentioned list had few points and the bill aims to give taxpayers tight regulation about the use of forked funds. Moreover, until the IRS establishes some guidelines on how taxpayers are to report their digital assets it saves individuals from facing fines.