Congressman to Introduce Three Bills Supporting Blockchain and Cryptocurrencies

According to a press release from the office of U.S. Congressman Tom Emmer (R-MN), who was recently named the co-chair of the Congressional Blockchain Caucus, the representative will introduce three bills supporting blockchain technology and digital currencies.

“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 Rep. Emmer.

The bills are as follow:

Resolution Supporting Digital Currencies and Blockchain Technology

  • This resolution calls for supporting industry development of blockchain and digital currency technology within the United States. Similar to the internet, the resolution calls for the federal government to provide a “light tough, consistent, and simple legal environment.”

Blockchain Regulatory Certainty Act

  • This act would affirm that specific blockchain related entities which never control consumer funds do not need to register as money transmitters. For example, miners would be protected from being deemed a money transmitter.

Safe Harbor for Taxpayers with Forked Assets Act

  • This act states that taxpayers can only comply with the law when it is clear. It would, therefore, provide a “safe harbor” for taxpayers with “forked” digital assets. It would restrict fines against individuals that attempted to report forked assets until the Internal Revenue Service (IRS) provides clear guidance for reporting.  

The Congressman added, “Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”Recently, lawmakers sent a letter urging the IRS, for a second time, to provide more clear guidance to taxpayers. Though the only guidance has been a six-page notice from March of 2014, enforcement by the agency has increased.