U.S. Congressman Reintroduces Bill to Give ‘Safe Harbor’ to Cryptocurrency Firms

United States Congressman Tom Emmer (MN-06) this week reintroduced a bill designed to provide regulatory clarity for cryptocurrency companies. Tagged the ‘Blockchain Regulatory Certainty Act’, it was initially introduced on the floor of the house in September 2018 alongside two other cryptocurrency-related legislative namely a House resolution to express support for cryptocurrency and blockchain technology, and the Safe Harbor for Taxpayers with Forked Assets Act of 2018, aims to address confusion surrounding how to report gains made as a result of cryptocurrency forks to the Internal Revenue Service (IRS).

Following the recent American mid-term elections which ushered in the 116th Congress, Emmer introduced the bill as his first piece of legislation alongside The National Interchange/Intersection Safety Construction Program Act, The Main Street Growth Act and The Travel Trailer and Camper Tax Parity Act. Joining Emmer as co-lead on the bipartisan bill is Rep. Darren Soto (D-Fl). According to Emmer, the bill’s primary importance is to support blockchain innovation by protecting stakeholders not involved in handling consumer funds.

Reference: https://www.ccn.com/u-s-congressman-reintroduces-bill-to-give-safe-harbor-to-cryptocurrency-firms/

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