Three items of laws will probably be introduced earlier than Congress by the co-chair of the Congressional Blockchain Caucus. Their intent is to streamline the rising trade by introducing concise and clear pointers for companies and traders, whereas additionally offering a protected harbor for taxpayers who use cryptocurrencies.
Accelerating the Improvement of Blockchain Tech
Congressman Tom Emmer (R-MN) introduced September 21 that he will probably be introducing three payments geared toward supporting blockchain expertise and digital currencies.
In an official launch, the Congressman stated:
The US ought to prioritize accelerating the event of blockchain expertise, and create an surroundings that allows the American personal sector to steer on innovation and additional progress, which is why I’m introducing these payments.
Emmers additionally asserted that legislators should be working in direction of embracing the rising applied sciences as, nicely as offering a regulatory system which permits them to additional advance.
Emmer’s place is according to the general legislative method that the CFTC is urging for. Because the Bitcoinist reported September 15, the Fee’s Chairman J. Christopher Giancarlo stated:
I’m advocating the identical method to cryptocurrencies and all issues having to do with this new digital revolution of markets, and of currencies, and of asset courses.
The primary invoice that the congressman will push for is called “Blockchain Regulatory Certainty Act” and it’ll create a protected harbor from state licensing necessities for non-custodial entities within the discipline. In different phrases, intermediaries which facilitate cryptocurrency operations with out taking management of shopper funds gained’t should register as a cash transmitter.