North Carolina Congressmen strongly defend blockchain in Congress

North Carolina Congressman Ted Budd introduced two bills in the U.S. House of Representatives on 6/4, namely the Cryptocurrency Tax Fairness Act and the 2018 Virtual Value Tax Fix Act, with hopes of bipartisan support.

According to a report by Coindesk, Budd emphasized the development and protection of the domestic blockchain industry as a matter of national security. The threat to this emerging industry comes from undue tax burdens, thus legislative measures must be taken to alleviate this. The "Cryptocurrency Tax Fairness Act" was jointly formulated by both parties in the previous session, co-sponsored by Budd and is being reintroduced. This bill aims to "expand the minimum exemptions for foreign currency transactions and cover transactions and blockchain tokens". He stated: Disproportionate taxation will increase the burden on taxpayers. The current use of cryptocurrencies, even for simple consumer purchases, is seen as a sale of assets. The cryptocurrency industry is subject to double taxation based on blockchain transactions, whether buying or selling. Nearly 40% sales tax significantly increases the burden of implementing cryptocurrency applications. It is understood that this is not the first time Budd has urged Congress and the Commodity Futures Trading Commission (CFTC) for bipartisan cooperation to better regulate the cryptocurrency industry. On December 6, 2018, Democrats Darren Soto and Republican Ted Budd jointly announced their bipartisan bills - the "Cryptocurrency Consumer Protection Act" and the "United States Cryptocurrency Market and Regulatory Competitiveness Act" aiming to establish the U.S. as a "leader in the cryptocurrency industry." These bills essentially require the Commodity Futures Trading Commission (CFTC) and other U.S. financial regulatory agencies to propose roadmaps for better regulating cryptocurrencies to protect individuals and businesses. In a recent speech, Budd also invited the government to collaborate with blockchain media such as Coin Center, blockchain associations, and major exchanges to promote the interests of individuals and businesses.