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US Congress Drafts Blockchain Rules – Accelerating Development

US Congress Drafts Blockchain Rules - Accelerating Development

This is the kind of news that we at Classiarius love to write about as the very idea of new blockchain technology is deep in our mandate of the firm. 

According to sources, US Representative Tom Emmer has introduced a trio of blockchain related bills that support the next generation of technologies for blockchain and digital assets or cryptocurrencies. He mentioned that legislators in the United States must “embrace emerging technologies” and that lawmakers need to provide a framework for these new ideas to succeed. A Silicon Valley 2.0 if you will as a framework is being developed that all platforms can use. 

The first Bill calls for the support of blockchain technology and a “light-touch regulatory approach” so that new ideas and start-ups can flourish. The Bill highlights some of the benefits of blockchain technology and crypto-assets. The second Bill focuses on cryptocurrency miners and makes it crystal clear who needs to register in this new Wild Wild West of an ecosystem. It validates the firms that need to be validated. The final Bill deals with taxes and what is called a “safe harbor for the tax treatment of hard forks of convertible virtual currency.” 

The new Congressional Blockchain Caucus will be formed and Mr. Emmer is the Co-chair along with fellow Representative Bill Foster. The group is bi-partisan and will be viewed as a team that is pro-blockchain and will engage the industry more effectively, much like the groups that were formed during the Clinton years in the B when that thing called “the internet” started to gain attention. 

Team Classiarius 


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Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

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