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!

Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021 

Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero  

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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