Minnesota Congressman Introduces Three Bills Backing Blockchain

That he intends to introduce three pieces of legislation in support of blockchain technology and digital currencies.

"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."

"We are a bi-partisan group of Members of Congress and Staff who believe in the future of blockchain technology, and understand that Congress has a role to play in its development. As a Caucus, we have decided on a hands-off regulatory approach, believing that this technology will best evolve the same way the internet did; on its own."

Emmer is proposing three separate pieces of legislation aimed at development in the digital asset industry, including one that would provide safe harbor to holders of forked digital assets.

The first bill, named the Resolution Supporting Digital Currencies and Blockchain Technology.

Calls for a "Light touch, consistent, and simple legal environment." The bill compares blockchain tech to the internet at the beginning of the 20th century, claiming that it, too benefitted from lighter regulation.

It calls for Congress to prioritize speedy development of blockchain technology in a way that "Supports security and transparency.The Blockchain Regulatory Certainty Act. would prevent"blockchain related entities that never take control of consumer funds" like miners and multi-signature providers from having to register themselves as money transmitters.

The bill aims to provide a safe harbor for non-controlling developers and providers of blockchain services.

Purports to create exactly that by restricting fines against digital asset holders until the IRS provides more detailed guidance for reporting those assets.

Full text of all three bills is available on Emmer's website and linked above.