Pro-crypto congressman Tom Emmer looks to reintroduce bill to protect non-custodial blockchain service providers
US Congressman Tom Emmer is looking to reintroduce a bipartisan bill that aims to exclude non-custodial blockchain service providers from registering as custodial exchanges.
The pro-crypto legislature, for its part, has urged Congress to establish clear regulatory frameworks to control the activities of crypto service providers. Earlier on August 17, 2021, Congressman Emmer introduced the bipartite Blockchain Regulatory Certainty Act, focusing on exempting non-custodial service providers from registering as money transmitters.
Emmer argued that certain blockchain developers and service providers such as miners do not hold customers’ funds and therefore should not register as money transmitters such as crypto exchanges.
In the wake of the FTX collapse, several US lawmakers including anti-crypto Congresswoman Elizabeth Warren have moved to propose bills aimed at establishing clear regulatory guidelines for the crypto market.
To protect the interest of the crypto industry, Congressman Emmer said he wants to reintroduce the bipartisan Blockchain Regulatory Certainty Act before Congress.
https://t.co/g2g0dFV0WU
— Tom Emmer (@RepTomEmmer) 14 December 2022
If Emmer’s bill is passed, blockchain developers and non-custodial service providers would not be subject to strict licensing and registration requirements as proposed by the Financial Action Task Force (FATF).
Emmer said:
“Blockchain service providers need clear rules of the road to develop and invest in the United States, and this clarity is more necessary than ever as the FATF covers to ensnare more non-custodial blockchain developers in the money transfer system.”
Emmer defends crypto
In light of the recent contagion, Congressman Emmer said the collapse of FTX was not about crypto or decentralized finance, but a failure of centralized finance, Sam Bankman-Fried and SEC Chairman Gary Gensler.
Emmer reportedly worked to investigate Gary Gensler’s role in helping FTX gain a regulatory monopoly. He also alleged that SEC Chairam knew FTX was fraudulent and proceeded to meetings with Sam Bankman-Fried.
