Bills supporting blockchain tech and cryptocurrencies are introduced to US Congress

A recent press release says that Tom Emmer, US Congressman, builds plans to offer 3 bills for a protection and support of crypto coins and blockchain tech. These bills have received the following features: the first one supports, the second one regulates and the third one focuses on holders of forked assets. The main goal […]

By - September 22, 2018
US Congressman cryptocurrencies

A recent press release says that Tom Emmer, US Congressman, builds plans to offer 3 bills for a protection and support of crypto coins and blockchain tech.

These bills have received the following features: the first one supports, the second one regulates and the third one focuses on holders of forked assets.

The main goal of the documents lies in supporting and developing blockchain. One more important task of the bills is to establish safety for people who possess ‘forked’ digital coins.

The bills should make federal government create a legal environment that is simple and free of fines as people who hold “forked” digital assets are always made to pay the latter. It should be done until a legal guidance on the ways of reporting appropriately is presented by the Internal Revenue Service (IRS). Emmer says that only clarity of the law will lead to the compliance with it. He emphasized the necessity to develop blockchain technology faster and let a private sector of US grow using these innovations.

Next to the bills, Emmer has been announced a co-chairman of the Congressional Blockchain Caucus. The latter one is a platform where industries and government collaborate to find out implications regarding digital assets and blockchain. This platform thinking that both these directions are capable of evolving on their own similar to the Internet.

At the beginning of the previous week, lawmakers turned to the Internal Revenue Service with the request to provide information about legal and comprehensive cryptocurrency taxes. Their main problem of IRS, according to lawmakers, is inability to offer a better taxation framework and continually reminding them of penalties to being non-compliant with its policy.

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