Unconfirmed: Rep. Tom Emmer, One of the Most Active Crypto Congress Members, on Taxes and DeFi - Ep.241

House Representative Tom Emmer, of Minnesota, is one of the most active voice for crypto and blockchain in the US government. In this episode, he discusses:
what book made Tom fall down the crypto rabbit hole 
why Tom believes the Financial Accounting Standards Board needs to set clear accounting standards for cryptocurrencies
why the current way of accounting for Bitcoin on balance sheets may be a detriment to companies in the future
how he feels about the acting head of the OCC putting together a “sprint team” of federal regulators to establish overarching crypto standards
why he is fighting to change tax rules for forked coins
what problems the Eliminate Barriers to Innovation Act might solve
why he is so passionate about the Securities Clarity Act, which would explicitly separate digital tokens from securities
how DeFi should be regulated and why he is not a fan of FATF’s recently proposed guidance
Tom’s prediction for when these bills may actually become law 
 
Thank you to our sponsors!
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NEAR: https://near.org 
 
Episode Links
 
Tom Emmer
Twitter: https://twitter.com/RepTomEmmer 
Website: https://emmer.house.gov/ 
Documents Mentioned
FASB letter
https://emmer.house.gov/2021/5/emmer-urges-fasb-to-issue-clear-accounting-standards-for-virtual-currencies

Eliminate Barriers to Innovation Act
https://www.forbes.com/sites/jasonbrett/2021/04/22/us-house-passes-bill-to-create-first-crypto-task-force-on-digital-assets/

Safe Harbor for Taxpayers with Forked Assets Act
https://emmer.house.gov/2021/5/emmer-introduces-legislation-to-protect-taxpayers-with-digital-assets-pending-further-irs-guidance

Securities Clarity Act
https://emmer.house.gov/2020/9/emmer-introduces-legislation-to-provide-clarity-for-digital-assets-under-securities-law

Proposed FATF Guidance (quick breakdown)

https://www.coincenter.org/a-quick-analysis-of-fatfs-2021-draft-cryptocurrency-guidance/ 

 
Miscellaneous
Congressional Blockchain Caucus
https://congressionalblockchaincaucus-schweikert.house.gov/members

US Regulatory “sprint”

https://decrypt.co/71975/us-agencies-sprint-align-on-bitcoin-regulations 

Michael Saylor episode
https://unchainedpodcast.com/why-bitcoin-now-michael-saylor-on-the-best-way-for-companies-to-buy-bitcoin/

Age of Cryptocurrency
https://www.amazon.com/The-Age-of-Cryptocurrency


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