Rep. Tom Emmer, One of the Most Active Crypto Congress Members, on Taxes and DeFi
Posted On 28/05/2021
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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!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
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Episode Links
Tom Emmer
Documents Mentioned
- FASB letter
- Eliminate Barriers to Innovation Act
- Safe Harbor for Taxpayers with Forked Assets Act
- Securities Clarity Act
- Proposed FATF Guidance (quick breakdown)
Miscellaneous
- Congressional Blockchain Caucus
- US Regulatory “sprint”
- Michael Saylor episode
- Age of Cryptocurrency
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