A newly named co-chairman of the Congressional Blockchain Caucus wasted no time announcing he will introduce three bills to make it easier for blockchain technology and digital currencies to be used in the U.S.
According to a press release issued Friday by Rep. Tom Emmer of Minnesota, the same day he was named a co-chairman, the legislation “expresses support” for the industry and “development of these promising technologies in the United States, provides clarity to entities that never take control of consumer funds, and establishes a safe harbor for taxpayers with ‘forked’ digital assets.”
The Republican did not say when exactly these bills will be released.
Bill 1 would encourage more U.S. blockchain development, with as little regulation as possible. “Like the internet, the federal government should provide a light touch, consistent, and simple legal environment,” according to Emmer.
As part of that “light touch,” bill 2 would allow certain blockchain-related entities that don’t take control of consumer funds to skip registering as money transmitters. Specifically mentioned are “miners that validate network integrity and multisignature providers that provide enhanced asset security to users.”
Finally, bill 3 would provide a “safe harbor” for taxpayers with “forked” digital assets, according to the press release. It will block the IRS from fining anyone trying to report crypto assets until the agency comes up with some guidance. This was the subject of a letter to the IRS from several congressmen last week.
According to Emmer, “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.”