US Rep. Emmer Unsettled by Stifled Crypto Innovation at Congressional Hearing

US Rep. Emmer Unsettled by Stifled Crypto Innovation at Congressional Hearing

U.S. Representative Emmer fears stifled cryptocurrency innovation in Fintech digital payments hearing before congress

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

In a Jan. 30 congressional hearing on mobile payments, U.S. Representative Tom Emmer fears criticism of digital payment innovation may stifle progress.

Emmer laid out his concerns over regulation smothering innovation: “There’s a whole environment out there of brilliant, genius, young people who are coming up with new ways to transfer value every single day,” he said. “I worry that we’re going to crush that entrepreneurial spirit and that advancement.”

Digital payments hearing

In a meeting of the minds, the Fintech Task Force gathered for a hearing on Jan. 30, called “Is Cash Still King? Reviewing the Rise of Mobile Payments.”

Comprised of a number of U.S. Representatives from the Financial Services Committee, the group exchanged comments with several witnesses on digital payments. Among the witnesses included PayPal Head of Global Public Policy, Usman Ahmed, and the U.S. Faster Payments Council’s Executive Director, Kim Ford.

Cryptocurrency defense

Emmer singled out witness Christina Tetreault, senior policy counsel for Consumer Reports, for his questions, which ultimately became a broader statement in favor of the array of crypto assets available for different use cases.

“Although you only mentioned Libra, which is not itself a cryptocurrency, I would hope that you more fully explored these innovations,” Emmer continued, mentioning “the opportunities that they provide to both built a financial future for individuals, but also to empower individuals to control the value of their own assets, separate from government control.”

Emmer went on to list numerous crypto assets, including Bitcoin, Ethereum, XRP, EOS, Monero and Zcash, pointing out different uses for each.

Tetrault’s thoughts on regulation

Speaking to Cointelegraph after the hearing, Tetrault — herself an attorney — felt that the line of questioning missed her expertise: „I’m not familiar with all of close to 2,000 coins that are out there, so I was disappointed to not be able to focus on some of the legal questions that are out there.“

Tetrault was, however, interested in seeing more engagement between regulators and crypto, explaining that:

“There are really smart people working on how to normalize the approach to various types of cryptocurrencies, digital assets, and then the non-financial use of blockchain. Because right now, agreed, it’s a complete mess. With the lack of an agreed-upon terminology it’s very difficult to come up with a sound regulatory approach that gets to the issues that, as a consumer advocate, I’m most worried about, which is, is your money safe and if something goes wrong, can you get it back.”

In total, the hearing lasted almost two hours, covering numerous topics and concerns between the parties present.

Cointelegraph editor Kollen Post contributed reporting to this article.


Zur Quelle
[/ihc-hide-content]

U.S. Representative Emmer fears stifled cryptocurrency innovation in Fintech digital payments hearing before congress

US Congressman to Introduce Bill Clarifying Digital Asset Issuance

US Congressman to Introduce Bill Clarifying Digital Asset Issuance

U.S. Congressman Tom Emmer announced that he is working on a new bill that can provide regulatory certainty for the cryptocurrency industry

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

United States Representative Tom Emmer (R-MN) intends to introduce new legislation to provide regulatory certainty for cryptocurrencies.

On Oct. 24, Congressman Tom Emmer, who serves as the Ranking Member of the House Financial Services Committee’s Task Force on financial technology, announced that he is introducing a new law that can provide a clear path to regulatory certainty for cryptocurrencies and other emerging technologies under securities law. 

The bill would allow companies that are already compliant with securities laws, or who have already acquired a securities exemption, to distribute their assets without subjecting them to further regulations.

According to a tweet by Weiss Crypto Ratings, the bill would provide companies who have complied with the U.S. Securities and Exchange Commission (SEC) registration requirements with legal protection from some of the SEC’s enforcement actions. Emmer said in the announcement:

„Companies that have followed our current rules of the road, even if convoluted, deserve the certainty that they can offer their digital asset to the public and help contribute to a truly decentralized network. I am hopeful this non-partisan legislation will receive strong support and help ensure investment in the United States for these extraordinary technologies.“

In July, Emmer reintroduced his Safe Harbor for Taxpayers with Forked Assets bill in the House of Representatives in order to foster blockchain industry growth in the U.S. by lessening the burden on businesses to figure out relevant tax laws. In Emmer’s own words, “taxpayers can only comply with the law when the law is clear.”

Questioning Facebook CEO Mark Zuckerberg

Last week, the Minnesota republican questioned Mark Zuckerberg, who was testifying before the House Financial Services Committee on Facebook’s Libra, asking him to explain the efforts made to engage the broader blockchain ecosystem in Libra’s exploits. Zuckerberg put forward the shared control of the Libra Association and said he hoped that the association will work to educate the public about the industry.


Zur Quelle
[/ihc-hide-content]

U.S. Congressman Tom Emmer announced that he is working on a new bill that can provide regulatory certainty for the cryptocurrency industry

US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill in Congress

US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill in Congress

U.S. Congressman Tom Emmer has reintroduced his forked assets bill, an effort started in 2018 ostensibly to lessen the burden on crypto tax payers

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

United States Congressman Tom Emmer has reintroduced his Safe Harbor for Taxpayers with Forked Assets bill, according to a press release published July 9.

The reintroduced version of the bill appears to have been published on July 3, based on the date printed within the document.

Emmer initially announced plans for the Forked Assets bill in 2018 as a means to simplify tax laws pertaining to assets held on blockchains with hard forks

A hard fork on a blockchain splits the chain in two, with one path following the original protocol and another path diverging with different features. The new path is incompatible with the original blockchain, and does not regard its previously ratified transactions as valid.

Emmer purportedly introduced the bill in order to foster blockchain industry growth in the U.S. by lessening the burden on businesses to figure out relevant tax laws. In Emmer’s own words, “taxpayers can only comply with the law when the law is clear.”

Worth noting is that The Safe Harbor bill is not intended to eliminate taxes on a hard forked blockchain. Instead, the bill aims to provide a safe harbor to investors who don’t properly account for a hard fork in calculating their tax returns.

As previously reported by Cointelegraph, Congressman Emmer also recently reintroduced the bill to “provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services” in January.

In April, Congress representatives Warren Davidson and Darren Soto — a co-sponsor of the foregoing licensing and registration bill — moved to reintroduce the Token Taxonomy Act. This bill would exclude cryptocurrencies from security regulations, and would similarly aim to simultaneously clarify and simplify regulatory compliance for blockchain-based businesses.


Zur Quelle
[/ihc-hide-content]

U.S. Congressman Tom Emmer has reintroduced his forked assets bill, an effort started in 2018 ostensibly to lessen the burden on crypto tax payers