In this episode of the Dinsider podcast, I will share with you three new U.S. legislative proposals on blockchain and cryptocurrencies.
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According to Congressman Emmer, who leads a Blockchain caucus, “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.”
Overview of the three proposed new bills:
Resolution Supporting Digital Currencies and Blockchain Technology
Expresses support for the industry and its development in the United States. Like the internet, the federal government should provide a light touch, consistent, and simple legal environment.
Blockchain Regulatory Certainty Act
Affirms that certain blockchain related entities that never take control of consumer funds do not need to register as a money transmitter. Examples of these entities include “miners” that validate network integrity and multisignature providers that provide enhanced asset security to users.
Safe Harbor for Taxpayers with Forked Assets Act
Taxpayers can only comply with the law when the law is clear. This bill will provide a safe harbor for taxpayers with “forked” digital assets. Further it will restrict fines against individuals that attempt to report these assets until the IRS provides any type of guidance regarding the appropriate means of reporting them.
Source: US Government