Three Cryptocurrency Bills go to Congress

There are three cryptocurrency bills that are pro-crypto in congress right now that have been proposed by Tom Emmer of Minnesota.

The first is more of a statement saying that the government cannot stop or hinder blockchain technology and therefore should provide a firm guideline and framework on how to develop and regulate this new technology and innovation.

The second says that miners and multi-signature providers do not have to register as money transmitters because they never fully take control of consumer funds. This would make it less burdensome for these industries to operate. As these industries provide stability and security to the network, they are vitally important for its operation.

The third is the most important one as it provides guidelines about how to report money gained from hard forks to the IRS. There are little to no guideline for this process right now so it is very confusing to investors and a firm foundation for tax policy is badly needed for this and other crypto activities that may or may not coincide with regulations on fiat money.

I strongly support all three of these bills and hopefully, they will get signed into law.

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