Keep Innovation in America Act: A New Proposal to Boost the Crypto Industry

03/16/2023 15:55 • Digital Disruptors • 92 views

According to reports, U.S. Representative Tom Emmer proposed the KIIA (Keep Innovation In America Act), which aims to reduce the compliance burden on cryptocurrency brokers. KIAA proposes to update the laws provided for in the Infrastructure Law passed in 2021. (Forbes)

U.S. Representative Tom Emmer proposes a KIIA bill to reduce the compliance burden on cryptobrokers

Analysis based on this information:

The United States Congress has been dealing with the regulation of the crypto industry for years, and it seems that a new proposal has emerged to ease the compliance burden for cryptocurrency brokers. As reported by Forbes, Representative Tom Emmer has introduced the Keep Innovation in American Act (KIIA), which priorities innovation and advancement in the crypto industry.

According to the proposal, KIIA replaces the existing Infrastructure Law passed in 2021, which already established new reporting requirements for cryptocurrency transactions. The law is intended to improve transparency and reduce the amount of anonymous transactions that occur in the crypto space. However, compliance laws are a burden for cryptocurrency brokers, and many small and medium-sized businesses find it challenging to keep up with them.

Emmer aims to address this issue by reducing the compliance burden on cryptocurrency brokers. He argues that excessive red tape hinders innovation and creativity in the technology sector, and that his proposed bill would catalyze the growth and development of the crypto industry.

The Keep Innovation in America Act proposes to amend the current rule to exempt commercial cryptocurrency transactions valued below $600 from reporting. This would ease the regulatory burden on brokers and enable them to focus on their core business activities.

While the new proposal seeks to reduce the burdens on cryptocurrency brokers, it could also create some unintended consequences. Critics of the bill argue that $600 is an arbitrary limit and that it creates a potential loophole for illicit activities to take place. Additionally, some experts argue that the threshold is not high enough to protect investors, and it may be inadequate to prevent money laundering and fraud.

Overall, the KIIA is a step toward the right direction to improve the state of the crypto industry in the US. By reducing the compliance burden on cryptocurrency brokers, the proposal would enable more businesses to operate legally and safely in the market, thereby fostering innovation and growth. However, it remains to be seen how this regulation will play out in practice and whether it can strike a proper balance between regulation and innovation.

In summary, the Keep Innovation in America Act is a new proposal that offers a solution to ease the compliance burden on cryptocurrency brokers. The proposal is geared towards catalyzing growth in the industry, and it aims to amend the existing Infrastructure Law. However, the bill is not without its detractors, who believe that the threshold is too low to protect investors and prevent illicit activities.

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Keep Innovation in America Act: A New Proposal to Boost the Crypto Industry

U.S. Representative Tom Emmer proposes a KIIA bill to reduce the compliance burden on cryptobrokers

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