U.S. Congressman Drafts Three Bills To Fast-Track The Development Of Blockchain

Congressman Tom Emmer (R-MI) has drafted three bills aimed at helping the development and adoption of blockchain technology in the United States.

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Congressman Tom Emmer (R-MI) has drafted three bills aimed at helping the development and adoption of blockchain technology in the United States.

U.S. Congressman drafts three bills

On September 21, the lawmaker and co-chair of the Congressional Blockchain Caucus, while announcing the blockchain bills, stated that he intends to introduce them to Congress Congress in the coming weeks.

The three bills presented by Emmer cover a range of issues that affect the blockchain industry, including its development, mining of cryptocurrencies and cryptocurrency-related taxes.

The bills are to support the nascent blockchain industry

In a press release, Emmer noted that the bills were created to support the growing blockchain industry rather than stifle it. He stated:

 “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.”

Emmer further stated that he wishes that legislators embrace emerging technologies and provide a clear regulatory system that allows them to flourish in the United States.

The bills specifically address the regulatory approach of the entire industry and also provide support for developers and users looking in building, mining or transacting with digital assets.

“Resolution Supporting Digital Currencies and Blockchain Technology”

Emmer’s first proposed bill is aimed at supporting digital currencies and blockchain technology, stating that developing an environment that will lead to the growth of blockchain development should be a priority of the U.S.

The bill calls for the federal government to develop a well-structured framework to aid digital currencies and to use a “light touch” when creating legislation.

“Blockchain Regulatory Certainty Act”

The second bill aims to clearly differentiate individuals who create or operate blockchain services. The bill defines blockchain related terms including digital currency, blockchain developer, blockchain network, and blockchain service.

The core message carried by the Blockchain Regulatory Certainty Act is:

“No blockchain developer or provider of a blockchain service shall be treated as a money transmitter.”

Drawing its reference from 18 USC 1960 of the federal law, passing the second bill would mean that individuals who mine cryptocurrencies do not need to register as money transmitters.

“Safe Harbor for Taxpayers with Forked Assets Act”

Safe Harbor implies that the federal government forgives individuals who failed to pay taxes on cryptocurrency they received through a hard fork, specifying that they are not liable for any penalties.

The period as stated in the bill extends as far back as January 2017 and would continue until the Internal Revenue Service comes up with rules to govern the tax treatment of forked cryptocurrencies.

Emmer’s proposed bills were announced the same day he and Bill Foster (D-IL) were announced as co-chairs of the Congressional Blockchain Caucus.

The Congressional Blockchain Cactus is a group of U.S. lawmakers who focus on supporting the development of the blockchain technology through legislation.

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