Bills Supporting Blockchain And Cryptocurrency Soon In US Congess

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Proper regulation is what most crypto-enthusiasts are waiting for. It is also what still prevents institutional investors from really hopping onto the crypto-train.

Fortunately, we hear about various attempts at regulating the cryptocurrency more and more often. The most recent news come from the US Congress, where U.S. Rep. Tom Emmer (R-MN) plans to introduce three bills to support cryptocurrencies and the blockchain technology.

“The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills.” – Emmer commented.

“Taxpayers can only comply with the law when the law is clear.”

The bills are focused on support and development of blockchain technology. The legislation will prompt the federal government to create “simple legal environment,” and restrict fines for those reporting “forked” digital assets, until the IRS (Internal Revenue Service) releases the formal guidelines on proper reporting.

Emmer has actually become a co-chairman of the Congressional Blockchain Caucus, a platform for collaboration between the government and the industry, in regard to blockchain and cryptocurrencies.

“the Caucus believes in a hands-off regulatory approach to allow this technology to evolve the same way the Internet did; on its own.”

 

Images courtesy of Shutterstock

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