Three pieces of legislation will be brought before Congress by the co-chair of the Congressional Blockchain Caucus. Their intent is to streamline the growing industry by introducing concise and transparent guidelines for businesses and investors, while also providing a safe harbor for taxpayers who use cryptocurrencies.
ACCELERATING THE DEVELOPMENT OF BLOCKCHAIN TECH
Congressman Tom Emmer (R-MN) announced September 21 that he will be introducing three bills aimed at supporting blockchain technology and digital currencies.
In an official release, the Congressman 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.
Emmers also asserted that legislators ought to be working towards embracing the emerging technologies as, well as providing a regulatory system which allows them to further advance.
Emmer’s position is in line with the overall legislative approach that the CFTC is urging for. As the Bitcoinist reported September 15, the Commission’s Chairman J. Christopher Giancarlo said:
I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes.
The first bill that the congressman will push for is named “Blockchain Regulatory Certainty Act” and it will create a safe harbor from state licensing requirements for non-custodial entities in the field. In other words, intermediaries which facilitate cryptocurrency operations without taking control of consumer funds won’t have to register as a money transmitter.
The next bill is called “Safe Harbor for Taxpayers with Forked Assets Act” and it attempts to provide protection from penalties for those taxpayers who benefit from a forked cryptocurrency.
Lastly, the Emmers will introduce a resolution which provides overall support for the cryptocurrency industry and its further development within the country.
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