US Congressman will introduce bills supporting Blockchain technology

According to a press release published on September 21, US Representative Tom Emmer plans to introduce three bills to support blockchain technology and cryptocurrencies.

The three upcoming bills are called the “Resolution to Support Cryptocurrencies and Blockchain Technology,” “Blockchain Regulation Act,” and “Safe Harbor for Taxpayers with Forked Digital Assets.” These projects focus on supporting and developing blockchain technology and will help the government “provide a simple legal environment” as well as limit penalties for individuals who report forked assets until the Internal Revenue Service (IRS) provides formal guidance for the reporting of forked assets.

Tom Emmer commented:

The United States should pay more attention to blockchain developments, as well as create an environment that allows the US market to continue to develop and create new ones innovative technologies. 

In addition, Emmer took the position of co-chairman of the Congressional Blockchain Caucus. This platform was created to explore the applications of blockchain and digital currencies with government cooperation. According to the statement:

The Caucus believes in hands-off regulation. Just like the Internet, the technology must evolve on its own.

Earlier this week, US legislators asked the IRS to issue “clear and comprehensive guidance” on cryptocurrency taxation. Lawmakers say the IRS continues to aggressively remind taxpayers of penalties for failing to comply with its instructions while failing to provide a more robust tax system, which “negatively impacts taxpayers' ability to meet their obligations.”

According to https://cointelegraph.com/