US Congressman to introduce three blockchain/crypto bills

US Rep. Tom Emmer (R-MN)(MN-06), who was recently named a co-chair of the Congressional Blockchain Caucus,is planning to introduce three bills to support blockchain technology and digital currencies.

“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,” says Emmer.

“Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”

About the bills

Resolution Supporting Digital Currencies and Blockchain Technology
Expresses support for the industry and its development in the United States. Like the internet, the federal government should provide a light touch, consistent, and simple legal environment. Read more here.

Blockchain Regulatory Certainty Act
Affirms that certain blockchain related entities that never take control of consumer funds do not need to register as a money transmitter. Examples of these entities include miners that validate network integrity and multi-signature providers that provide enhanced asset security to users. Read more here.

Safe Harbour for Taxpayers with Forked Assets Act
Taxpayers can only comply with the law when the law is clear. This bill will provide a safe harbour for taxpayers with “forked” digital assets. It will also restrict fines against individuals that attempt to report these assets until the IRS provides any type of guidance regarding the appropriate means of reporting them. Read more here.