Congressional Blockchain Caucus chairman on Capitol Hill, Tom Emmer is making waves again, this time predicting that 2019 will be blockchain’s year.
He was addressing an audience on the initial day of this year’s Washington DC Blockchain Summit. Emmer has become the main voice in Washington’s political circles when it comes to criticizing the heavy-handedness of SEC regulators regarding all things cryptocurrency. Emmer commented that this year:”…stands to be the year of blockchain, the year we separate hype from reality, and begin harnessing blockchain in the right-use cases to lower costs and increase efficiency,”
Notably, Emmer introduced the Blockchain Regulatory Certainty Act bill (H.R.528 ) in January, which if it goes through will save blockchain developers from money transmitter registrations in US states. Another recent Emmer bill would provide tax relief for forked asset holders and a non-binding resolution backing blockchain and cryptocurrencies.
Emmer was stating his point for clear cryptocurrency and blockchain regulations, not for the first time, and warned delegates of the threat of what he called “a patchwork of regulations” by the government. He argued that with this approach:“…the industry will suffer, and prove government to be ineffective. This confusion will undoubtedly lead to more regulation, which will only stifle innovation and potential application of the technology.”
Commenting on the money transmitter laws which his bill was introduced to challenge back in January, he suggested that the laws were originally enacted for a completely different purpose and don’t relate to blockchain, arguing, “If no funds are being entrusted to another, it should be certain that these regulations do not apply.”
He ended his comments on a topical, if not well-worn note; concerns of the government that Bitcoin was still being used for illegal activity. Emmer warned:
“Many, including those in this town, would like to focus only on blockchain and ignore or criticize cryptocurrency,” he said. “They will tell us the bitcoin is used by criminals, and the blockchain is the real innovation. It’s true there are illicit transactions. But that should not be reason to totally dismiss cryptocurrency.”
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