Tom Emmer, a Republican who is a representative from Minnesota has drafted three bills supporting the legislation and encouragement for Blockchain and Cryptocurrency in the USA.
The three bills are titled- ‘Resolution Supporting Digital Currencies and Blockchain Technology’, ‘Blockchain Regulatory Certainty Act’ and ‘Safe Harbour for Taxpayers with Forked Assets Act.’
Emmer highlighted, “The United States should prioritise 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.”
The first bill dealt with bringing a more supportive Blockchain and Cryptocurrency environment by bringing about a ‘light touch, consistent and simple legal environment.’
The second bill he provides a better clarity on miners and master node operators acting within the space as validators and not money transmitters.
While the third bill cleared the complicated taxations on cryptocurrency hardforks. It includes an exemption of penalties and additions to tax until a much efficient administrative proposal is made available.
Tom Emmer was recently appointed the co-chairman alongside Bill foster for the Congressional Blockchain Caucus.
Emmer highlighted the Caucus stating, “The Caucus is a platform for industry and government to come together to study and understand the implications of these new technologies. Together we plan to help fill in the gaps when it comes to fully understanding these new technological advancements in order for Congress to embrace and support all they have to offer the next generation and beyond.”
Emmer’s actions have been praised, with the cryptocurrency Twitter loving his courage to support the technology and digital currencies.
I support your legislation and it will help America be more competitive. I think you are handling custody correctly in the wording of the bill.
— Miko Matsumura ㋡ (@mikojava) September 23, 2018
These bills are the first blockchain related ones to be proposed to call for regulatory clarifications and a much deeper legislative engagement with the industry.
The steps for America favouring a cryptocurrency environment is interesting, with many other institutions such as the American National Standards Institute actively participating in Blockchain advancements.