He is currently proposing a series of 3 bills centered around cryptocurrency and blockchain technology, the “Blockchain Regulatory Certainty Act,” , “Resolution Supporting Digital Currencies and Blockchain Technology, and the “Safe Harbor for Taxpayers with Forked Assets Act.”
He outlines the purpose of each as:
Resolution Supporting Digital Currencies and Blockchain Technology
Expresses support for the industry and its development in the United States. Like the internet, the federal government should provide a light touch, consistent, and simple legal environment.
Read the full bill here.
Blockchain Regulatory Certainty Act
Affirms that certain blockchain related entities that never take control of consumer funds do not need to register as a money transmitter. Examples of these entities include "miners" that validate network integrity and multisignature providers that provide enhanced asset security to users.
Read the full bill here.
Safe Harbor for Taxpayers with Forked Assets Act
Taxpayers can only comply with the law when the law is clear. This bill will provide a safe harbor for taxpayers with "forked" digital assets. Further it will restrict fines against individuals that attempt to report these assets until the IRS provides any type of guidance regarding the appropriate means of reporting them
Read the full bill here.
The bills are currently in their "draft" phase, with no estimated date on when they could potentially be voted into law.
If these bills were to pass, expect nothing short of a massive, lasting market boom. This would provide the framework that large institutional investors have been asking for - before dumping trillions into the market.
We'll be following this story closely.
Author: Oliver Redding
Seattle News Desk
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