U.S. Congressman Drafts Blockchain Development Bills

U.S. Congressman Drafts Blockchain Development Bills24.09.2018


U.S. Congressman Drafts Blockchain Development Bills

The recently elected co-chairman of the Congressional Assembly Congress on Blockage, Representative of the House of Representatives Tom Emmer presented three bills aimed at supporting technology of blockchain and digital assets. The proposed laws are aimed at strengthening state support for the blockchain industry, determining the regulation of remittance operators, and developing a tax scheme for assets that have emerged.

Emmer states:

"The United States should help accelerate the development of blockchain technology and create an environment that will help the US private sector focus on innovation and further growth."

He also added that legislators should "adopt innovative technologies" and create the legislative base necessary for the successful development of such technologies in the United States. "

Resolution in support of crypto-currency and blockchain:

The first bill is aimed at supporting blockchain technology and calls for a "soft regulatory approach" that contributes to the successful development of the industry. The law emphasizes several advantages of blockchain technology and crypto-currency, for example, providing transfer of value between users and providing financial services to the non-banking sector.

Miners and wallets without a license

The second bill is focused on crypto-currency miners and determines who needs to register as money transfer operators in the United States. The law calls multinational wallet and multi-signature purse operators, whose activities in the United States do not require a license, since they do not control the customers' funds.

Law on taxation of cryptocurrency fork assets

The third bill is aimed at creating a "safe harbor for the taxation of hard-currency convertible virtual currency". The law will protect taxpayers from charging them with fines by the IRS until the IRS provides clear guidance on reporting such profits.

Emmer's proposals are the first bills on blockchain, calling for regulatory clarity and more active participation of legislators in the industry. Recall, Emmer was recently appointed co-chairman of the Congressional Assembly on issues of blockchain. The meeting is a bipartisan group of legislators who "believe in the future of blockchain technology and understand that the Congress must play its role in its development."

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