Republican Lawmaker Drafts Favorable Blockchain and Cryptocurrency Bills


U.S. Representative Tom Emmer has announced that he will present three bills to Congress aimed at supporting blockchain cryptocurrencies and technologies. Emmer is the current representative for the 6th congressional district of Minnesota, and he has also been announced as chairman of the Congressional Blockchain Caucus, alongside representative Bill Foster.

In a statement posted on his website, the GOP congressman made the following statement; “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. Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”

Emmer has titled the bills as follows; “Resolution Supporting Digital Currencies and Blockchain Technology,” “Blockchain Regulatory Certainty Act” and “Safe Harbor for Taxpayers with Forked Assets Act of 2018.” The bills are going to be tabled before Congress in the coming weeks, and will cover several blockchain technologies areas, such as cryptocurrency-related taxes, development, and miners.

The legislations come as cryptocurrencies and blockchain-related technologies continue to gain momentum in the US. Emmer hopes that the bills will look into the key issues that commonly affect the technologies.

The “Resolution Supporting Digital Currencies and Blockchain Technology” bill shows support for the crypto industry and its growth in the country. The “Blockchain Regulatory Certainty Act,” bill seeks to offer a safe environment from registration and licensing for blockchain-service providers and certain non-controlling blockchain developers.

The “Safe Harbor for Taxpayers with Forked Assets Act of 2018” seeks to create a safe harbor for hard forks who did not pay taxes on cryptos they received when no guidance was provided by the Internal Revenue Service. The individuals will not be liable to fines when reporting crypto assets acquired from the beginning of last year, until the IRS provides an administrative guidance.