A US congressman is planning is to introduce three pro-blockchain and cryptocurrency bills to Congress.
U.S. Rep. Tom Emmer is presenting the bills entitled “Resolution Supporting Digital Currencies and Blockchain Technology,” the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act.”
The congressman is one of the stong pro-crypto voices in Washington amongst a group of politicians trying to forward the interests of the burgeoning technology. Emmer was quick to commend the SEC recently when they clarified the fact that Ether was not a security.
Another congressman Warren Davidson, the representative for Ohio is also pushing for sensible cryptocurrency and blockchain technology regulations. He recently invited 32 prominent representatives of the cryptocurrency industry to Washington in order to discuss future ICO legislation. Davidson sits on The United States House Committee on Financial Services, which is responsible for overseeing the entire financial services industry, including the securities, insurance, banking, and housing industries.
Emmer’s three bills would require the government to restrict fines against investors reporting “forked” assets until the IRS has established clear rules for cryptocurrencies. As Emmer suggests, the law must be clear before taxpayers can even begin to comply with it. The congressman has been keen to clarify all legal ramifications connected with blockchain and cryptocurrency so that the industry has clear guidelines in which to operate. Emmer commented:
“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.”
Emmer is now co-chair of the Congressional Blockchain Caucus, an industry platform working with the government on matters related to blockchain and cryptocurrency, whilst deploying a ‘hands-off regulatory approach’ in the hope that the technology can evolve in the same way that the internet did – on its own.
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