US Congressman To Introduce Bills That Support Blockchain And Cryptocurrencies

There is a lot of steam regarding regulation of cryptocurrencies and blockchain in 2018, mostly because of the involvement of government bodies and agencies that are constantly reviewing the crypto space. In the latest cryptocurrency news in the US, the US Representative Tom Emmer (R-MN) is officially planning to introduce three bills to support blockchain and crypto.

The news are in accordance to a press release that was published on September 21st, where the three upcoming bills are entitled the “Resolution Supporting Digital Currencies and Blockchain Technology”, the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act.”

This legislation is also focused on the support and development of blockchain technology as well as the establishment of a safe harbor for the taxpayers with “forked” digital assets.

The bills, on the other hand, would prompt the government to provide a “simple legal environment” and restrict any fines for people who report “forked” digital assets – up until the Internal Revenue Service (IRS) presents formal guidance on the appropriate means of reporting.

As Emmer said, “taxpayers can only comply with the law when the law is clear.”

He also announced:

“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.”

Earlier this week, many US lawmakers called on the IRS to issue clarified and “comprehensive” crypto taxation guidance. They also argued that while the IRS is proactive in reminding taxpayers of the pentalties for non-compliance with its guidance, they are also failing to introduce a more robust taxation framework that will meet their obligations.