GOP Congressman Introduces Three Bills To Support Cryptocurrencies And Blockchain

Congressman Tom Emmer, a Republican from Minnesota, is introducing three bills that will support the development and wider adoption of cryptocurrencies and blockchain, the technology underpinning bitcoin.

“The 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 growth, which is why I am introducing these bills,” Congressman Emmer announced in a statement.

Congressional Blockchain Caucus Launched Last Week

Emmer — who is co-chairman of the newly-formed bipartisan Congressional Blockchain Caucus — said it’s time for lawmakers to start embracing blockchain and cryptocurrencies because they are disruptive technologies that will revolutionize every sector of the business world.

“Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States,” Emmer said.

These are the three bills that Congressman Tom Emmer will introduce:

  1. Resolution Supporting Digital Currencies and Blockchain Technology.
  2. Blockchain Regulatory Certainty Act.
  3. Safe Harbor for Taxpayers with Forked Assets Act.

“This is an exciting time for blockchain technology and cryptocurrencies,” Emmer said. “Together, we plan to help fill in the gaps when it comes to fully understanding these new technological advancements in order for Congress to embrace and support all they have to offer the next generation and beyond.”

The formation of the Congressional Blockchain Caucus comes shortly after a pro-crypto lobbying group was launched in Washington, D.C., by three of the biggest cryptocurrency companies in the United States: Coinbase, Circle, and the Digital Currency Group.

As the Inquisitr previously reported, the move is a clear signal that the industry is taking concrete steps to promote mainstream adoption of virtual currencies as the budding ecosystem seeks to emerge as power players in the nation’s capital.

Majority Of Finance Executives Say Bitcoin Is Here To Stay

Despite a dismal summer for virtual currencies — punctuated by unexpected price slumps across-the-board — a stunning 72 percent of finance executives are optimistic about the future of the industry and believe virtual currencies are “here to stay.”

According to a new report published by Greenwich Associates, 72 percent of institutional asset managers, hedge fund representatives, and brokers say digital currencies are not going anywhere.

Moreover, 80 percent of the business executives surveyed believe crypto regulations will be rolled out soon. And so here we are.

It has been a rough summer for the crypto market, which has been roiled by cyber hacks, investigations into bitcoin price manipulation, and regulatory crackdowns on money-laundering and fraud.

Despite the inevitable turmoil that has occurred in the opaque, decentralized, unregulated industry, Wall Street and the investment community are waking up to the realization that cryptocurrencies and blockchain could revolutionize the world of banking, supply-chain management, cybersecurity, and healthcare.

Tim Draper: Crypto Market Cap Will Top $80 Trillion

Accordingly, bitcoin perma-bulls like tech billionaire Tim Draper remain supremely confident in the future of the digital currency ecosystem, notwithstanding recent slumps.

Draper — who has set a $250,000 bitcoin price target for 2022 — predicts that the market capitalization of the crypto market will soar to $80 trillion within the next 15 years, as the Inquisitr has reported.

“This is bigger than the Internet. It’s bigger than the Iron Age, the Renaissance,” Draper gushed. “It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”