U.S. lawmakers have We have filed the Blockchain Regulatory Certainty Act.” The longer this common sense clarification is delayed in providing it, the greater the risk that this transformative technology will be leaked overseas, depriving domestic users and investors,” the congressman warned.
The Blockchain Regulatory Certainty Act was launched
Rep. Tom Emmer (R-MN), majority whip of the U.S. House of Representatives, announced on Wednesday that he has introduced the Blockchain Regulatory Certainty Act (BRCA), which would “ensure that blockchain developers and service providers who do not hold consumers’ funds in custody are not money transmitters.” The bill was introduced by Rep. The bipartisan bill is co-sponsored by Rep. Darren Soto (D-FL). Emmer first introduced similar legislation in 2018.
“Cryptography and blockchain technology, by their very nature, do not easily fit into the framework that policymakers have considered when developing regulations in the past. For too long, federal regulators and legislators have crammed the blockchain ecosystem into a statutory definition that makes no sense,” explained Rep. Emmer, elaborating:
It’s simple: if you don’t hold consumers’ funds, you’re not a money transfer agent. It is. My bill provides the blockchain community with the necessary confirmation.
“The longer this common sense clarification is delayed, the greater the risk that this transformative technology will leak overseas, depriving domestic users and investors of their profits. This bill will ensure that the United States remains the technology leader in the crypto space,” continued the House majority whip. Emmer and Soto also co-chair the Congressional Blockchain Caucus.
Jerry Brito, executive director of the Coin Center, a nonprofit organization focused on policy issues facing cryptocurrencies, commented: “Sound cryptocurrency policy requires that regulation be tailored specifically to activities that present risks that should be mitigated. It is necessary.” He explains that:
The Blockchain Regulatory Certainty Act reinforces in law the established understanding that non-protected services, such as mining and providing wallet software, should not be regulated in the same way as the operation of protected cryptocurrency exchanges.
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