The draft laws are focused on aiding the advancement of blockchain innovations and the spread-out of digital currencies within the jurisdiction of the USA. Representative Tom Emmer, who is the person behind these draft laws, claims that the United States have to adopt the legislation, which favors the emerging industry of blockchain innovations, if it plans to keep leading positions in this sphere.
Generally, the new laws will aid the fast-paced development of blockchain industry within the United States via provision of express and comprehensive guidelines for financiers, firms, and enterprises. They will also facilitate a safe haven for taxpayers that use digital assets.
The first of the three draft laws is a resolution to provide aid for the technologies of blockchain and digital currencies. The second draft law is named the Blockchain Regulatory Certainty Act. This piece of legislation secures there are no obligations for registration as money transmitters for such entities as cryptominers and multi-signature providers, which never gain full control over the assets of the consumers. Such decision is explained by the fact that such entities serve exclusively as network integrity validators, improving the security for digital asset users.
The third and the final draft law is named the Safe Harbor for Taxpayers with Forked Assets Act of 2018. It tackles the confusion arising in connection with the details of the procedure for gains reporting to IRS, which took place subsequent to digital currency forks.
The draft law aims to enhance the IRS guidance on the matter of digital currencies and introduce some strict policies about utilization of forked assets. Moreover, it will facilitate people’s protection from penalties until the IRS can provide clear guidelines on the procedure of reporting the digital assets.