Tom Emmer, a U.S congressman is planning to implement three new bills that will support cryptocurrencies and the blockchain technology in general, according to a press release in today’s news.
These bills are named as the ‘’ Resolution Supporting Digital Currencies and Blockchain Technology’’, the ‘’Safe Harbor for Taxpayers with Forked Assets Act’’ and the ‘’ Blockchain Regulatory Certainty Act’’.
The first bill expresses support for cryptocurrency and according to Emmer, the U.S government can’t really do anything to stop cryptocurrencies from developing further. The second one confirms entities such as crypto miners won’t need to be registered as money transmitters. And last, the third one aims to address all the confusion around making gains with cryptocurrencies and how to report them to the IRS.
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This bill will give taxpayers higher protection from facing fines from the IRS.
All of these are focused on further development on the blockchain technology. The bills will contribute to the federal government providing an uncomplicated legal environment. According to Tom Emmer, taxpayers can comply with the law only when the law is clear. He also 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.”
He is also now a co-chairman of the Congressional Blockchain Caucus which is a platform for industry and government collaboration so they can inspect all the implications of the currencies and the blockchain technology.
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