US Congressman Re-Introduces Bill to Exempt Non-Custodial Crypto Services

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US Congressman Re-Introduces Bill to Exempt Non-Custodial Crypto Services

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A US congressman Tom Emmer, a co-chair of the Congressional Blockchain Caucus, has introduced a bill dubbed the Blockchain Regulatory Certainty Act aimed at exempting cryptocurrency-related ventures that are non-custodial from money transmission laws.  The bill is co-sponsored by Congressman Darren Soto.

Information regarding this was published on the Congress official website on 14 January. Part of the bill reads: “To provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services”. If passed, this will invariably help foster the development of the industry.

Emmer, who also sits as a member of the US House Financial Services Committee, the house where the bill has been introduced to, is a proponent for the industry. He has said 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. These technologies hold untold promise for our economy and for all Americans.”

He proposed a similar bill last year, which was a trio of blockchain-focused bills, although some within the Congress are of the opinion that the latter stands a better chance. According to Coindesk, “the bill now has bipartisan support”, citing an unnamed spokesperson for the Congressman.

A number of bills regarding cryptocurrency and the blockchain industry have been introduced into different congressional settings globally, gaining prominence among many lawmakers. It seems only a matter of time before comprehensive pro-blockchain legislation is passed.

While it is not of a unanimously shared sentiment yet, Emmer once said: “Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”

However, the race is on to offer the most robust legal infrastructure to govern the industry while maintaining innovative processes within the ecosystem.


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