The Congressional Blockchain Caucus seems to be serious about pushing for speedy regulations as evidenced by its newest co-chair’s draft bills.
Perhaps one of the most important ways to encourage the global adoption of cryptocurrencies and blockchain technology is by ensuring that people understand them and feel safe using them. The correct legislation is essential in doing this. Enter the U.S. government’s Congressional Blockchain Caucus.
Washington Serious About Supporting Blockchain
One of its newly-elected co-chairs, Congressman Tom Emmer, touched on what the body would assist with, saying:
This is an exciting time for blockchain technology and cryptocurrencies, and I look forward to taking on this new leadership role. The Caucus is a platform for industry and government to come together to study and understand the implications of these new technologies. Together we plan to help fill in the gaps when it comes to fully understanding these new technological advancements in order for Congress to embrace and support all they have to offer the next generation and beyond.
It seems that Emmer has hit the ground running, already working on three bills that will not only help blockchain technology, and also that of cryptocurrencies as well. On his website, the politician explained the need to act quickly in this rapidly growing industry, stating:
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.
He added:
Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.
Breakdown of the Bills
So, just what can U.S. industry experts and enthusiasts expect? For one, less of a hard stance from the government. In the Resolution Supporting Digital Currencies and Blockchain Technology bill, the powers that be are encouraged to have a “light touch” when it comes to regulatory processes. In referencing the Internet and how it flourished without harsh regulation, the bill seems to echo recent comments made by CFTC Chairman, J. Christopher Giancarlo.
The Blockchain Regulatory Certainty Act is aimed at blockchain-based platforms that do not control any of their consumers’ funds. They will not be seen as money transmitters and will therefore not be required to register as such. Parties affected by this bill include miners and multisig (multisignature) providers.
The third bill, the Safe Harbor for Taxpayers with Forked Assets Act, is good news for those involved in a murky crypto-tax relationship. Because the Internal Revenue Service (IRS) has not yet introduced any clear reporting guidelines, this bill will ensure that any purported fines against traders with forked digital assets will be restricted.
This latest development should be good news for those in the industry, like the Blockchain Association, who believe that Washington is moving too slowly when it comes to developing and implementing regulations.
Do you think that these bills will make a difference in industry adoption in the U.S.? Let us know in the comments below!
Images courtesy of Pixabay and Shutterstock.