The Republicans in the U.S. continuously disclose their love for digital assets and blockchain space by bringing one-after-one legislation. This time, congressman Tom Emmer proposed a bipartisan bill co-led by Representative Darren Soto to provide a “safe harbor” for those blockchain developers and service providers who don’t hold any private key to access users’ funds.
It would be a great relief for blockchain developers, miners, validators, wallet software providers, and the entire blockchain ecosystem if the bill passes.
The proposed bill stated such entities should not be subject to registration and licensing requirements if they are involved directly with crypto-related operations as well as must not be treated as transmitters or financial institutions.
“If you don’t custody consumer funds, you are *not* a money transmitter,” Emmer debated in the bill. “The Blockchain Regulatory Certainty Act provides this necessary certainty for miners, validators, wallet software providers, and the entire blockchain ecosystem.”
Tom Emmer’s bill is counter to Joe Biden’s infrastructure bill proposed in November 2021. It asks digital asset brokers to register their businesses.
He also raised concerns about crypto and blockchain innovations “The longer we delay providing this commonsense clarification, the greater risk that this transformative technology is driven overseas, depriving domestic users and investors. This bill will help America remain a technological leader in the crypto space.”
“The Blockchain Regulatory Certainty Act would reinforce in law the established understanding that non-custodial services, such as mining or providing wallet software, should not be regulated in the same way as something like running a custodial cryptocurrency exchange”, said Jerry Brito, Executive Director of Coin Center.
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