U.S Lawmaker announced on Friday that he will be passing pro-crypto laws with the purpose of helping the improvement of blockchain technology and the application of digital currency in the United States.
The new bills will shore up the fast-growing blockchain business in the US through giving accurate and precise rules and regulation for businesses, investors companies and safe harbor for taxpayers utilizing digital currency assets.
Tom Emmer (R-MN) U.S Member of Congress said, the author of this brave and courageous move, the United States requires passing a constructive and complimentary law to the rapidly increasing blockchain business to stay a leader in this space. He also commented that the US must prioritize speed up the growth of blockchain tech, and make a surrounding which allows the private sector in the country to lead on improvement and further development; this is the reason why he is passing this regulation.
Recently, Rep. Tom Emmer voted as Congressional Blockchain Caucus co-chairman. According to him, representatives and lawmakers must be embracing budding technologies and offering a precise and accurate regulatory system which allows them to thrive in the US.
First Bill
House resolution is his first piece of bills. This is to show support for blockchain technology and digital currency. This and the other legislation are intended for supporting the development and application of this new technology in the US. The many other professionals in the business, the government of America can’t do anything end their growth. So, lawmakers must get involved to give a concise, precise as well as legal structure for the application of this technology in the region.
Second Bill
His second bill is the Blockchain Regulatory Certainty Act. In this bill, he confirms that specific entities like multi-signature companies and digital currency miners, who don’t have a control on the resources of their clients, shouldn’t be registered as a money transmitter. Why? Because these entities are just there to help authenticate the integrity of the network, through offering safety for people and businesses who make use of this asset.
Third Bill
Safe Harbor for Taxpayers with Forked Assets Act of 2018, this bill is meant to provide a solution to confusion digital currency market, how to report profits made as on outcome of coin forks to the IRS or Internal Revenue Service. There were a few IRS regulations on this subject in the previous months. Therefore the legislation will be utilized to provide taxpayers rule on the application of forked finances. What is more, this also keeps individuals away from possible charged in the future, until the IRS develops some rules on how these taxpayers are to account or report their cryptocurrencies
