U.S. member of Congress, Tom Emmer (R-MN) announced September 21 that he will be introducing three bills aimed at supporting blockchain technology and digital currencies.
According to Rep. Tom Emmer (R-MN), the U.S. needs to pass favorable legislation to the burgeoning blockchain industry if it hopes to remain a leader in this space.
“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 plans to propose a “Resolution Supporting Digital Currencies and Blockchain Technology” backing the industry and its development in the US, a “Blockchain Regulatory Certainty Act”.
According to Emmer, entities which never take control of consumer funds, such as miners and multisig providers, don’t need to register as money transmitters, and a “Safe Harbor for Taxpayers with Forked Assets Act” restricting fines against individuals attempting to report these assets until the Internal Revenue Service (IRS) provides guidance on the matter.
Overall, the new legislation will support the rapidly growing blockchain industry within the U.S. by providing clear and concise guidelines for investors companies, and businesses, as well as a safe harbor for taxpayers using cryptocurrency assets.
Rep. Emmer, who has just been named co-chair of the Congressional Blockchain Caucus, also added that “Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”