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

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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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