A US representative, Tom Emmer has given new life to Bitcoin and many other cryptocurrencies and blockchains by presenting three new bills that boosted the digital currencies. The main agenda of the bill was the growth and expansion of crypto industry.
It will also act as guidelines and a manual for better understanding digital currencies and exchanges. Congressman commented that the government should speed up the growth of blockchain so that the American private sector will move towards modernization through innovations.
The bill was divided into different sections. He talked about cryptocurrency and blockchain in the first section. In addition, how government should focus on its expansion in a secured way. It was also addressed in the bill on how the smartphone technology should be used for blockchains.
He also discussed the registration process of the blockchain, and about people who have to be registered. Like there should be no need for miners to get them registered on blockchains as the money transfer agent.
He further stated that government should work to enhance the transparency, verification and safety measures of the blockchain technology so that consumers feel protected while backing up the potential innovations. He also addressed some tax-related issues.
His main aim was to save taxpayers with the forked asset. People who report complaints against holders until IRS permission will be penalized. Recently some regulators of the United States have also asked IRS to tax cryptocurrencies in their open letter. They demanded from IRS complete guidelines to be provided to taxpayers about their tax obligations.