Emmer Spearheads Groundbreaking Legislation to Support Blockchain Technology...

[likeprotocol]

https://emmer.house.gov/media-center/press-releases/emmer-spearheads-groundbreaking-legislation-support-blockchain?utm

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[Gozie51]

I believe that the world is waiting for USA to make a remarkable stand on blockchain technology and digital currency and with the Congress man (Emmer) promising to bring it to the congress means we are working in the part way to opening the world's "eyes" to the benefits of blockchain.

Proposing to introduce three bills to the congress, I hope he gets support. I guess I like this first:

"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".

[avikz]

The proposal looks great and the tax framework is very much necessary at today's situation. Tom Emmer Correctly said, "Taxpayers can only comply with the law when the law is clear"! That is one of the main concerns for majority of the countries at this point of time. If you have noticed, majority of the governments always talk about three concerns for not approving cryptos as a legal tender.

1. Money laundering
2. Terrorism financiang
3. Tax evasion

But not every country realizes that tax can be paid gladly by the crypto users only when they have a tax law on cryptos. In my country as well, there is no tax laws defined for cryptos and that is the reason why I just add my crypto income amount under the head "Income from other sources" before calculating my tax liability.

I sincerely hope Tom Emmer will get the required support to turn the bill into a law. DO you have any information about the date when these bills will be published in front of the legislative council? It can be a major game changer!

[audaciousbeing]

https://emmer.house.gov/media-center/press-releases/emmer-spearheads-groundbreaking-legislation-support-blockchain?utm

Reading through the proposal, I think its a good step in the right direction and it practically covers all aspect that the blockchain can be utilized and also made it as a matter of importance the influence of the United States in projects like this and how it would like a beacon that would change the way things are being done just like the way they did with the internet in the early 2000s.

The only issue I have with it, is that the proposals seems vague. It has identified the need to take action but nothing is being said on how the action will be taken or implemented to the general public. It also did not put a timeline to the proposal. In summary, I would conclude that at the moment, its just one of those things we see on the forum that comes with so much hope without any backing of bringing it into reality. So instead of rejoicing, I would rather maintain my position and wait until something serious is coming up.

[Kemarit]

I think that proposed bill is more on the tax aspects of cryptocurrency?

(https://emmer.house.gov/sites/emmer.house.gov/files/EMMER_056_Final_xml.pdf)

So I'm not sure about how its going to be a ground breaking legislation to support the emerging technology.

And as I looked at the docs, it says 115 Congress, so I'm assuming that the bill can be passed and approved between the day he filed the bill up to January 3, 2019.

The bills of the 115th United States Congress list includes proposed federal laws that were introduced in the 115th United States Congress. This Congress will last from January 3, 2017 to January 3, 2019.

https://en.wikipedia.org/wiki/List_of_bills_in_the_115th_United_States_Congress

[Theb]

Even though Tom Emmer is a republican and he has the advantage of being part of the majority in the congress I still see that these bills will still have a long journey before at least one of them officially becomes a law. I just remember that a lot of the members in the congress in both of the parties are against cryptocurrencies without any good reason at all and Tom Emmer and his team will need to make this as their main responsibility in changing their minds in order for the vote to be in favor to them.

[Kemarit]

Even though Tom Emmer is a republican and he has the advantage of being part of the majority in the congress I still see that these bills will still have a long journey before at least one of them officially becomes a law. I just remember that a lot of the members in the congress in both of the parties are against cryptocurrencies without any good reason at all and Tom Emmer and his team will need to make this as their main responsibility in changing their minds in order for the vote to be in favor to them.

It will be really a tough road ahead for Tom Emmer to get this bill passed as I'm sure that shit storm will be coming on his way because we all know that a lot of member from both parties doesn't like what they're seeing or happening in crypto sphere right now. So I doubt that it will be passed in the current calendar (115th congress).