US Rep. Tom Emmer (R-MN) is currently working on three bills that are supposed to give a proper push to the cryptocurrency industry. Emmer doubles down on his pro-crypto stance, leading the regulatory effort in support of Blockchain and virtual coins.
Thee pro-crypto bills
The three bills are focusing on providing crypto businesses some leeway in dealing with digital assets that basically remain in a legal grey zone due to lack of regulations. The first bill emphasizes the importance of embracing Blockchain industry by the US and the need for working on respective legal framework. The second bill deals with licensing issues while the third one would make it easier to report profits to the IRS when cryptocurrency forks are involved.
Remaining global Blockchain leader
Emmer is certain that it is long overdue for US Congress to come up with a legislative framework that would be favorable for the rapidly growing Blockchain industry. This would allow the country to keep its leadership on its niche as China is already breathing down its neck despite its ongoing crackdown on cryptocurrency assets. As U.Today reported earlier, TechCrunch founder Michael Arrington claims that the SEC’s reluctance to introduce regulatory guidelines for Blockchain companies (combines with the US stance on immigration) forces many fledgling startups to flee to Asia and Europe.
A long-time crypto proponent
Notably, Emmer has been consistent in his support for crypto. During an SEC hearing in April, he showed his positive attitude to crypto, calling for a hands-off approach when it comes to dealing with cryptocurrencies. Earlier, he also urged the Congress not to search for “new policemen” and work on common-sense regulations. In sharp contrast to this, Brad Sherman, who is widely considered to be the most vocal crypto critic in Washington DC, called for a ban on cryptocurrencies, accusing them of facilitating drug trafficking and terrorism.