U.S. Lawmaker Introduces 3 Pro-Cryptocurrency Bills to Congress

U.S. Lawmaker Introduces 3 Pro-Cryptocurrency Bills to Congress

On Friday, Sept. a U.S. member of Congressannounced that he will introduce three new billsaimed at supporting the development of blockchain technologies, as well as the use of cryptocurrency, within the United States.

Rep. Emmer: U.S. Must Support Blockchain Development

According to Rep. Tom Emmer (R-MN), the initiator of this bold move, the U.S. needs to pass favorable legislation to the burgeoning blockchain industry if it hopes to remain a leader in this space.

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, who has just been named co-chair of the Congressional Blockchain Caucus, also added that, Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.

Emmers Three Pro-Crypto Bills

Emmers first piece of legislation is a House resolution to express support for cryptocurrency and blockchain technology. As mentioned, this and the other two bills are aimed at supporting the use and development of blockchain technology in the United States. According to the Emmer, and many other industry experts, the U.S. government cannot do anything to stop their development. Therefore, legislators should be stepping in to provide a clear, concise, and legal framework for their use within the country.

The second bill, the Blockchain Regulatory Certainty Act, confirms 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. This is because they are only there to help validate the networks 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, aims to address confusion surrounding how to report gains made as a result of cryptocurrency forks to the Internal Revenue Service (IRS). Previously, there was little IRS guidance on this matter, so the bill will be used to give taxpayers tight regulation about the use of forked funds. Furthermore, it will also protect individuals from facing fines until the IRS establishes some guidelines on how taxpayers are to report their digital assets.

Featured Image form Shutterstock


Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
21.09.2018 / 18:00 44
California Legislators Working to Send Blockchain to Governors Desk California Legislators Working to Send
A number of blockchain-focused bills have been making the rounds in Californias State government. Elected officials are working to see them be signed
Coin Center Calls for Congress to Give U.S. Taxpayers Safe Harbor on Bitcoin Hard Forks Coin Center Calls for Congress to Give
Cryptocurrency industry non-profit research and advocacy organization Coin Center is calling for Congress to enact legislation that will provide
Bob Goodlatte Becomes First Member of Congress to Disclose Crypto Holdings Bob Goodlatte Becomes First Member of
Bob Goodlatte, the chair of the House Committee on the Judiciary, has reported his private cryptocurrency holdings making Mr. Goodlatte likely the
US Congress Debates ICOs, Cryptocurrency Regulation in House Subcommittee Hearing US Congress Debates ICOs,
I believe this is probably hello, not goodbye. Thus said Rep. Bill Huizenga (R-MI) as he adjourned Wednesdays US House Capital Markets,
Strong Words, Little Action: ICOs Draw Fire at US Congress Hearing Strong Words, Little Action: ICOs Draw
"Congress has a responsibility to ensure that investors are protected without unduly preventing growth." So said U.S. Rep. Randy Hultgren of Illinois
Congress Must 'Push Back' Against Overregulation of Blockchain, Says US Rep Congress Must 'Push Back' Against
Blockchain technology could drive the most significant change in society since the American Revolution, U.S. Rep. Tom Emmer says. But only if
Comments (0)
Add a comment
Comment on