United States Rep Tom Emmer is gearing up to present three bills in the floor of the house in a bid to support blockchain technology and cryptocurrency. This is according to a press release published September 21. The three bills by the house representative are titled “Blockchain Regulatory Certainty Act”, “Safe Harbor for taxpayers with Forked Assets Act” and the “Resolution Supporting Digital currencies and Blockchain technology”. The legislation is targeted and focused on the development and advancement of blockchain technology. The timely piece of legislation also seeks the establishment of a safe harbour for taxpayers that have “forked” digital assets.
The bills sponsored by the Representative would help prompt the federal government to create a simple legal environment thereby restricting fines against people that reported forked digital assets at least until the internal revenue service presents formal guidance on the most appropriate means of reporting. According to House representative Emmer, the law can only be complied with when it is clear. He further commented on the issue by stating that the United States should as a matter of priority accelerate the development of blockchain technology creating an environment that will see the American private sector becoming leaders in innovation. According to Emmer, the three bills he will be sponsoring will ensure further growth of the digital currency space in the United States.
Emmer’s role in the development and adoption of cryptocurrency in the united states is more pronounced with him having taken up the position of co-chairman at the Congressional Blockchain Caucus. This is a platform within Congress that examines the industry and government collaboration in examining the implications of the blockchain and digital currencies. The caucus is of the belief in a hands-off regulatory approach in order to allow the technology to evolve in the footsteps of the internet back in the mid 90’s early 2000’s. United States lawmakers early this week rallied the IRS to issue clarified and comprehensive crypto taxation guidance.
Lawmakers in the United States argue that while the IRS issues constant reminders of the repercussions that come with non-compliance of the rules it has set, the body is to blame for the failure to introduce a more robust taxation framework. This failure severely hinders taxpayers in their bid to meet the tax man’s regulations. The American national standards institute is going to discuss blockchain and artificial intelligence issues at its next legal issues and joint member forum. The attendees of the forum will reportedly focus on legal and ethical concerns while also exploring concrete applications of blockchain technology and artificial intelligence.