{"id":85720,"date":"2018-09-26T09:00:31","date_gmt":"2018-09-26T16:00:31","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=85720"},"modified":"2019-04-17T10:51:53","modified_gmt":"2019-04-17T17:51:53","slug":"minnesota-congressman-introduces-three-bills-backing-blockchain","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/minnesota-congressman-introduces-three-bills-backing-blockchain\/","title":{"rendered":"Minnesota Congressman Introduces Three Bills Backing Blockchain"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">On Friday, Sept. 21st, Minnesota Congressman Tom Emmer <a href=\"https:\/\/emmer.house.gov\/media-center\/press-releases\/emmer-spearheads-groundbreaking-legislation-support-blockchain\"><span class=\"s2\">announced<\/span><\/a>\u00a0that he intends to introduce three pieces of legislation in support of blockchain technology and digital currencies.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Great support for <a href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&ref_src=twsrc%5Etfw\">#blockchain<\/a> by <a href=\"https:\/\/twitter.com\/RepTomEmmer?ref_src=twsrc%5Etfw\">@RepTomEmmer<\/a> spearheading 3 pieces of legislation to bring vision and clarity to the industry! <a href=\"https:\/\/t.co\/Vlk9zh0O6N\">https:\/\/t.co\/Vlk9zh0O6N<\/a> <a href=\"https:\/\/t.co\/9la0ZGyYZO\">pic.twitter.com\/9la0ZGyYZO<\/a><\/p>\n<p>&mdash; Chamber of Digital Commerce (@DigitalChamber) <a href=\"https:\/\/twitter.com\/DigitalChamber\/status\/1044215212398784512?ref_src=twsrc%5Etfw\">September 24, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Getting government behind blockchain<\/h2>\n<p class=\"p1\"><span class=\"s1\">Emmer represents Minnesota\u2019s 6th congressional district and was recently named a co-chair of the Congressional Blockchain Caucus alongside Bill Foster of Illinois, David Schweikert of Arizona, and Jared Polis of Colorado. Emmer said in the release published on his website that:<\/span><\/p>\n<blockquote>\n<p class=\"p1\"><span class=\"s1\">\u201cThe 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\u00a0growth, which is why I am introducing these bills.\u201d<\/span><\/p>\n<\/blockquote>\n<p class=\"p1\"><span class=\"s1\">Both he and the caucus favor a hands-off approach to regulation, which is reflected in the text of Emmer\u2019s bills and of the caucus\u2019 <a href=\"https:\/\/www.congressionalblockchaincaucus.com\/\"><span class=\"s2\">website<\/span><\/a>. From its mission page:<\/span><\/p>\n<blockquote>\n<p class=\"p1\"><span class=\"s1\">\u201cWe 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. \u00a0As 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.\u201d<\/span><\/p>\n<\/blockquote>\n<h2 class=\"p1\"><span class=\"s1\">A quick overview<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">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. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The first bill, named the <em><a href=\"https:\/\/emmer.house.gov\/sites\/emmer.house.gov\/files\/EMMER_055_xml.pdf\"><span class=\"s2\">Resolution Supporting Digital Currencies and Blockchain Technology<\/span><\/a><\/em>, calls for a \u201clight touch, consistent, and simple legal environment.\u201d 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 \u201csupports security and transparency.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The <em><a href=\"https:\/\/emmer.house.gov\/sites\/emmer.house.gov\/files\/Blockchain_01_xml.pdf\"><span class=\"s2\">Blockchain Regulatory Certainty Act<\/span><\/a><\/em> would prevent \u201cblockchain related entities that never take control of consumer funds\u201d 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. The exception to this would be if a provider had control over a user\u2019s digital currency to which that user is entitled in the \u201cregular course of their business.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The <em><a href=\"https:\/\/emmer.house.gov\/sites\/emmer.house.gov\/files\/EMMER_056_xml.pdf\"><span class=\"s2\">Safe Harbor for Taxpayers With Forked Assets Act<\/span><\/a><\/em> purports to create exactly that by restricting fines against digital asset holders until the IRS provides more detailed guidance for reporting those assets. It would protect digital asset holders from penalties provided any failure to report their holdings is due to current requirements related to the reporting of digital assets. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Full text of all three bills is available on <a href=\"https:\/\/emmer.house.gov\">Emmer\u2019s website<\/a> and linked above.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Friday, Sept. 21st, Minnesota Congressman Tom Emmer announced\u00a0that he intends to introduce three pieces of legislation in support of blockchain technology and digital currencies. Great support for #blockchain by @RepTomEmmer spearheading 3 pieces of legislation to bring vision and clarity to the industry! https:\/\/t.co\/Vlk9zh0O6N pic.twitter.com\/9la0ZGyYZO &mdash; Chamber of Digital Commerce (@DigitalChamber) September 24, 2018 [&hellip;]<\/p>\n","protected":false},"author":93,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,11],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Minnesota Congressman Introduces Three Bills Backing Blockchain<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/minnesota-congressman-introduces-three-bills-backing-blockchain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Minnesota Congressman Introduces Three Bills Backing Blockchain\" \/>\n<meta property=\"og:description\" content=\"On Friday, Sept. 21st, Minnesota Congressman Tom Emmer announced\u00a0that he intends to introduce three pieces of legislation in support of blockchain technology and digital currencies. Great support for #blockchain by @RepTomEmmer spearheading 3 pieces of legislation to bring vision and clarity to the industry! https:\/\/t.co\/Vlk9zh0O6N pic.twitter.com\/9la0ZGyYZO &mdash; Chamber of Digital Commerce (@DigitalChamber) September 24, 2018 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/minnesota-congressman-introduces-three-bills-backing-blockchain\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-26T16:00:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-17T17:51:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/11\/cryptoslate-cover.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"John Bogna\" \/>\n<meta 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