United States Representative Tom Emmer of Minnesota is the force behind three blockchain bills heading to the hopper in coming weeks. The statutes address issues central to cryptocurrency integration, such as development support, tax exemptions, and miner autonomy.
Emmer believes that over-regulation will stifle the nascent industry. He’s committed to supporting innovators through clear regulatory guidelines and embracing, as opposed to eschewing, blockchain technology.
Below, we’ve given a micro summary for the proposed blockchain-friendly bills, plus links to the full text for each.
Representative Emmer’s Federal Blockchain Bill Proposals
Bill #1: General Blockchain Development Support
A general statute, Emmer’s first bill aims to support the continued development of the blockchain industry and promotes a “light touch, consistent and simple legal environment.”
Bill #2: Cryptocurrency Miner Registration Exemption
Emmer’s second statute focuses on cryptocurrency miners. It absolves miners from having to register as money transmitters since they never take possession of the tokens.
Bill #3: Hard Fork Tax Amnesty Exception
The third proposed piece of legislation gives safe harbor to crypto-investing taxpayers affected by hard forks. If passed, the law will exempt these investors, who get new tokens as a result of a hard fork, from paying tax revenue on the unavoidable gains.
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