U.S Congressman Tom Emmer Supports Blockchain And Crypto With New Favorable Legislation

U.S Congressman Tom Emmer Supports Blockchain And Crypto With New Favorable Legislation

Blockchain and crypto related developments are gaining momentum in the U.S. as Congressman Tom Emmer has recently announced that he will be introducing three groundbreaking bills in order to pave a clean way for the emerging and disruptive technologies.

Emmer was named a co-chair of the Congressional Blockchain Caucus, and he’s now trying to introduce three new bills to develop a supporting ecosystem for the development of crypto 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. Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States,” he said.

His initiatives are looking into the vital elements that should be covered when a framework for the technology is established.

Resolution Supporting Digital Currencies and Blockchain Technology

This resolution’s main target is to propel the development of crypto and DLT in the U.S. This also highlights the severe need for a useful framework by the federal government.

You can learn more details about this resolution by heading here.

Blockchain Regulatory Certainty Act

This act makes sure that the blockchain entities that do not take full control of consumer funds do not need to register themselves as money transmitters. You can find out the complete details of this act here.

Safe Harbor for Taxpayers with Forked Assets Act

This act states that taxpayers will only need to comply with the law when it becomes clear.

This also aims to provide a safe harbor for taxpayers who are in possession of forked cryptos. You can read the complete details about this third bill here.

If we take a moment and consider the lack of regulatio0ns, it’s not surprising that applications for Bitcoin ETFs get rejected by the SEC. Hopefully, Emmer’s bills will come in handy.

Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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