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U.S. Congressman: U.S. Must Support Blockchain Development, Introduces 3 Cryptocurrency Bills





Rep. Tom Emmer the newest co-chair for U.S. Congressional blockchain Caucus announced in a press statement released on Friday, Sept. That he will introduce three new bills aimed at supporting the development of blockchain technologies, as well as the use of cryptocurrency, within the United States.

This is an exciting time for blockchain technology and cryptocurrencies, and I look forward to taking on this new leadership role. The Caucus is a platorm for industry and governmet to come together to study and understand the inplicatins of these new technologies. Together we plan to help fill in the gaps when it comes to fully understanding these new technological advancements in order for Congress to embrace and support all they have to offer the next generation and beyond. He said.

According to Rep. Tom Emmer, the initiator of this bold move, the U.S. needs to pass favourable 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."

The Three Crypto Bills

  • A House Resolution: to express support for cryptocurrency and blockchain technology. As mentioned, this and the other two bills are aimed at supporting the use and development of blockchain technology in the United States According to Emmer, and many other industry experts, the U.S. government cannot do anything to stop their development. Therefore, the legislator should be stepping in to provide a clear, concise, and legal framework for their use within the country.
  • Blockchain Regulatory Certainty Act: confirms that certain entities such as cryptocurrency miners and multi-signature providers, who never fully take control of consumer funds, will not need to be registered as money transmitters. This is because they are only there to help validate the network's integrity, by providing more security for those who use digital assets.
  • Safe Harbor for Taxpayers with Forked Assets Act of 2018: aims to address confusion surrounding how to report gains made as a result of cryptocurrency forks to the Internal Revenue Service (IRS). Previously, there was little IRS guidance on this matter so the bill will be used to give taxpayers tight regulations about the use of forked funds, Furthermore, it will also protect individuals from facing fines until the IRS establishes some guidelines on how taxpayers are to report their digital assets.


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