logo
Plus   Neg
Share
Email

Blockchain Regulatory Certainty Act Introduced In House

ushouse-jan17-lt.jpg

A bill to exempt certain non-controlling blockchain developers and blockchain service providers from licensing and registration requirements, has been introduced in the U.S. House of Representatives.

The Blockchain Regulatory Certainty Act was introduced by Rep.Tom Emmer (R-MN). Rep. Darren Soto (D-FL) co-sponsored the Bill.

Tom Emmer believes the new law will boost crypto firms that may be impacted by state-level money transmission laws, and encourage development of innovative new technologies in the United States.

State money transmission licensing laws are broadly drafted and carry harsh penalties for failure to comply.

The Bill, if passed, will ensure that blockchain innovators who do not take control of consumer funds need not register as a money transmitter. Examples of these entities include miners that validate network integrity, and multi-signature providers who support enhanced asset security to users.

Emmer said in a statement that the United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth.

The Bill was referred to the House Committee on Financial Services, and the Committee on the Judiciary, for consideration.

Emmer had introduced a similar Bill last year in the 115th Congress. The new Bill holds a chance to pass the House as it enjoys bipartisan support.

For comments and feedback contact: editorial@rttnews.com

Follow RTT