Tom Emmer who is a U.S. Representative, is in action to put forward three bills to support blockchain technology and cryptocurrencies, as stated by a press release published on September 21. All the forthcoming bills are named as the “Resolution Supporting Digital Currencies and Blockchain Technology,” the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act,” respectively.
The formulation of laws are specifically subjected to the empowerment of blockchain technology. It requires to fulfil the purpose without eliminating the establishment of a safe harbor for taxpayers with “forked” digital assets.
The bills would cause the federal government to issue a “simple legal environment” and impose fines against those who report “forked” digital assets until the Internal Revenue Service (IRS) introduces formal guidance about the appropriate means of reporting.
Amid this, Emmer said in his statement, “taxpayers can only comply with the law when the law is clear.” About this initiative, he added further by saying, “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.”
Additionally, Emmer is positioned as co-chairman of the Congressional Blockchain Caucus, which is a platform for the industry and government’s joint efforts to examine the implications of blockchain and digital currencies. Based on the announcement, “the Caucus believes in a hands-off regulatory approach to allow this technology to evolve the same way the Internet did; on its own.”
Apart from that, initially in this week, U.S. lawmakers turned to the IRS to provide clarified and “comprehensive” crypto taxation guidance. The lawmakers proclaim that while the IRS is keenly focussed on reminding taxpayers of the penalties for non-compliance with its guidance, with a failure to introduce a more robust taxation framework “severely hinders taxpayers’ ability” to meet their obligations.
Interestingly this week the Cointelegraph said in its statement that the American National Standards Institute is planning to have a fruitful conversation about blockchain and Artificial Intelligence (AI) problems at its upcoming Legal Issues and Joint Member Forum. For participants, the centre of attention will be legal and ethical concerns and explore incredibly resilient applications of blockchain technology and AI.
All in all, we can hope for much more protected and rewarding enough system for blockchain technology and cryptocurrencies in place.