New Legislation To Support Digital Currencies And Blockchain Tech In The U.S.

Last Updated: September 22, 2018 at 11:42 AM EST
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U.S. Congressman, Tom Emmer plans to introduce legislation to support cryptocurrency and blockchain technology in the country. The detail of the legislation to be introduced was made known in a press release on September 21.

The New Legislation

U.S. Congressman, Tom Emmer recently named the co-chair of the Congressional Blockchain Caucus, expressed his next action in introducing legislation on Resolution Supporting Digital Currencies and Blockchain Technology, Blockchain Regulatory Certainty Act and Safe Harbor for Taxpayers with Forked Assets Act.

The legislation is aimed at boosting the image, goal and annexing the values of blockchain tech and cryptocurrency in the United States of America. Also, the bills express support for the industry, provision of clarity to entities that never take control of consumer fund and creating a haven for the taxpayer with a forked digital asset.

According to the co-chair of the Congressional Blockchain Caucus, Tom Emmer noted that the United States ought to prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth. This, Emmer, stated motivated him to empower the bill for the county.

Emmer further noted that the legislators should embrace emerging technologies and provide a transparent regulatory system that enables them to flourish in the country. Backing that up, the legislative arm of the country has been making efforts to annex the dividend of the blockchain industry for it.

Though the country is relatively behind in the adoption of the blockchain tech and cryptocurrency in comparison to the Asian and the European countries, efforts have been underway to take the lead in the sphere.

The legislative arm of the South Korean government, Japan, Ukraine, and Russia have also made a considerable effort in creating appropriate legislation for the blockchain and cryptocurrency industry in their countries.

The new legislation by Emmer concerns express support for the industry and its development in the country, like the government, was supportive in aiding the emergence, of the internet, the legislation will help the support of the industry, which is regarded as internet 3.0.

Also, legislation to stipulate that certain entities that never take control of consumer fund do not register as a money transmitter, for example, crypto miners. Lastly, the legislation seeks to create a safe harbor for taxpayers with former asset act.