- Tom Emmer (R) has introduced three bills to Congress regarding blockchain technology
- One Bill urges for restrictions on fines for those willing to declare blockchain assets
- One Bill asks that the U.S government support blockchain growth
Three new bills are to be introduced in favor of blockchain technology thanks to Congressman Tom Emmer (MN-06) who was recently named as a co-chair of the Congressional Blockchain Consensus according to a statement released on the 21St of September 2018.
The Bills are very specific in how they plan to advance the development of blockchain technology in the United States.
The bills back blockchain technology as a whole and even promise leniency for individuals with blockchain assets who wish to voluntarily declare them, an issue that has been quite prominent in the cryptocurrency world as of late. Congressman Emmer said:
“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,”
Bill No 1
The first bill expresses outright support for blockchain and urges the U.S government to support its development by creating an adequate legal framework and more importantly foster an environment where blockchain can flourish unhindered.
“(3) United States Federal agencies should work 14 toward a coordinated framework to support digital 15 currencies and blockchain technology;” The bill said
The bill also cautioned the U.S government against unnecessary sanctions and hostility towards blockchain technology. This is highly relevant as Blockchain technology has faced some pushback in recent times, such as being banned as a mean of political donations in California.
(4) the United States should avoid undue re17 restrictions on blockchain networks and the trustworthy decentralized computing services they facilitate;” The bill stated
Bill No 2
This bill argues that firms that do no outright take control of consumer funds should not be considered as money transmitters, an issue that a number of blockchain firms have argued against in the past.
Firms that provide services such as mining and provision of asset security are sometimes wrongly classified as Transmitters, and this bill hopes to correct this.
Bill No 3
This bill tackles a subject that hits home for many individuals who deal in cryptocurrency. The bill aims to reduce the restrictions on those who voluntarily declare their cryptocurrency assets for tax purposes.
Many people have been unable to due to the IRS not giving specific guidelines on blockchain assets, a move they have been criticized for.
