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Blockchain Technology Support Laws Coming

Congressman Tom Emmer (MN-06), who was just named a co-chair of the Congressional Blockchain Caucus, announced he would introduce three groundbreaking bills to support blockchain technology and digital currencies.

On September 21, 2018, the Congressman introduced legislation expressing support for the industry and development of promising technologies in the United States.  Congressman Emmer stated:

“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 also pointed out, “Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”

The three blockchain technology support bills are as follows.

Resolution Supporting Digital Currencies and Blockchain Technology
This bill expresses support for the industry and its development in the United States. Like the internet, the federal government should provide a light touch, consistent, and simple legal environment. Read more here.

Blockchain Regulatory Certainty Act
Affirms that certain blockchain related entities that never take control of consumer funds do not need to register as a money transmitter. Examples of these entities include “miners” that validate network integrity and multi-signature providers that provide enhanced asset security to users. Read more here.

Safe Harbor for Taxpayers with Forked Assets Act
Taxpayers can only comply with the law when the law is clear. This bill will provide a safe harbor for taxpayers with “forked” digital assets. Further, it will restrict fines against individuals that attempt to report these assets until the IRS provides any type of guidance regarding the appropriate means of reporting them.

The Blockchain Technology Support Bill can be seen by following this link.

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