Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
US Legislature Introduces Bill to Confirm Blockchain Developers and Non-Custodial Services Are Not Money Transmitters – Regulation Bitcoin News
A US lawmaker has introduced the Blockchain Regulatory Certainty Act to ensure that developers and non-custodial service providers in the crypto space are not considered money transmitters and are not subject to the same level of regulation as custodial cryptocurrency exchanges. “The longer we delay providing this common sense clarification, the greater the risk of this transformative technology being driven overseas, depriving domestic users and investors,” the lawmaker warned.
Blockchain Regulatory Certainty Act launched
US Congressman Tom Emmer (R-MN), the Majority Whip of the US House of Representatives, announced on Thursday that he has introduced the Blockchain Regulatory Certainty Act (BRCA), “which confirms that blockchain developers and service providers who do not have consumer responsibility. funds are not remittances .” This bipartisan bill is spearheaded by Rep. Darren Soto (D-FL).Emmer first introduced a similar bill in 2018.
“Crypto and blockchain technology by nature do not fit easily into the framework politicians have considered when drafting regulations in the past. For too long, federal regulators and lawmakers have blocked the blockchain ecosystem in statutory definitions that simply do not make sense,” explained Representative Emmer, elaborating:
It should be simple: if you do not have consumables, you are not a money sender. My bill provides the necessary validation for the blockchain community.
“The longer we delay providing this commonsense clarification, the greater the risk of this transformative technology being driven overseas, depriving domestic users and investors. This bill will help America remain a technological leader in the crypto space, the House majority continued. Emmer and Soto also serve as co-chairs of the Congressional Blockchain Caucus.
Jerry Brito, CEO of the Coin Center, a non-profit organization focused on policy issues facing cryptocurrencies, commented: “Sound cryptocurrency policy requires calibration of regulations specific to the activities that pose risks that should be mitigated.” He explained:
The Blockchain Regulatory Certainty Act would in law reinforce the established understanding that non-custodial services, such as mining or providing wallet software, should not be regulated in the same way as operating a custodial cryptocurrency exchange.
What do you think about Rep. Tom Emmer’s Blockchain Regulatory Certainty Act? Let us know in the comments section below.
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