US Congressman Drafts Bills to Aid Blockchain Development

U.S. Representative Tom Emmer plans to introduce three blockchain-focused bills to Congress in the coming weeks aimed at spurring development.

AccessTimeIconSep 21, 2018 at 7:20 p.m. UTC
Updated Aug 18, 2021 at 9:54 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

U.S. Representative Tom Emmer wants to support the development and use of blockchain technology and cryptocurrencies.

To that end, the lawmaker announced a trio of blockchain-focused bills Friday, saying he intends to introduce them into Congress in the coming weeks. The bills tackle a range of issues around the blockchain space, including development, miners and cryptocurrency-related taxes.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • The bills are aimed at providing support for the nascent industry, a press release said.

    In a statement, Emmer said that "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."

    He added:

    "Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the [U.S.]."

    The bills specifically will touch on the regulatory approach to the space, essentially providing developers and users some leeway in building, mining or transacting with cryptocurrencies.

    The first bill "expresses support for the industry and its development" within the U.S. by advocating for "a light touch, consistent and simple legal environment."

    The second bill would ensure cryptocurrency miners do not need to register as money transmitters, as they "never take control of consumer funds."

    This legislation would also include multisignature wallet providers.

    The final bill would create a "safe harbor" for taxpayers who have any cryptocurrencies resulting from a network hard fork. The bill would prevent the Internal Revenue Service (IRS) from levying any fines against taxpayers who try to report gains from these tokens, at least until the IRS provides clear guidance on how taxpayers can report such gains.

    Emmer's new bills come the same day he and fellow Representative Bill Foster were named co-chairs of the Congressional Blockchain Caucus, a group of lawmakers focused on spurring blockchain technology development through legislation in the U.S. government's lower house.

    "I am proud to join my colleagues to lead Congress so that policymakers and industry can work together to realize this promise and unleash its economic potential in the United States and around the world," Foster said in a statement.

    Tom Emmer image via Al Mueller / Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.