The mainstream adoption movement of cryptocurrencies and blockchain technology in the United States has received another boost with Tom Emmer, a US Congressman, introducing three new bills in favor of virtual currencies.
The new bills talk about the development of cryptocurrencies as well as throwing support behind the fintech industry. It also gives the readers a sense of clarity about the digital entities and its working. Congressman Emmer stated:
“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.”
The first section of the bills wholeheartedly supports digital currencies and blockchain technology. It talks about how the government should take a ‘no harm’ route to ensure that the technology can be used in a positive manner. The bill stated:
“Whereas the internet flourished in part due to a light-touch regulatory approach embodied by the United States Government’s five principles for the Global Information Infrastructure.”
The document also touched upon the benefits of smartphone technology and how it can be used as a tool to propagate blockchain and its effective use cases. The bills also said that some parties who are involved in blockchain technology do not need to “register as a money transmitter”. Miners are a prime example of the people who come under the umbrella of entities who do not need to register.
The verbatim of the bill also indicates that political representatives are giving top priority to safety and protection of the users. One of the operative clauses states that:
” The United States should prioritize accelerating the development of blockchain technology to support transparency, security, and authentication in a way that recognizes its benefits and allows consumer protection while supporting future innovation;”
The Congressman’s release has also included clauses that are aimed to protect taxpayer’s with “forked” digital assets. It also states that penalties will be levied against those who report complaints against holders until and unless the IRS gives a stepwise plan to do so.
The mention of the IRS comes in the wake of an open letter written by a group of US legislators to the IRS which stated digital assets like cryptocurrencies need to be taxed. The letter said:
“We, therefore, write again today to strongly urge the IRS to issue updated guidance, providing additional clarity for taxpayers seeking to better understand and comply with their tax obligations when using virtual currencies.”
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