A blockchain focused bill targeted at protecting blockchain innovators not taking control of consumer funds, from obtaining a license, or being labeled a money services business owner or money transmitters has been reintroduced by Tom Emmer,— a United States Congressman.
Blockchain Regulatory Certainty Act
The bill tagged the ‘Blockchain Regulatory Certainty Act’, was initially submitted to the house in September 2018. The bill was accompanied by the Safe Harbor for Taxpayers with Forked Assets Act of 2018, and a House resolution to express support for cryptocurrency and blockchain technology.
According to the Congressman, who recently reintroduced the bill alongside other bills such as: the National Interchange/Intersection Safety Construction Program Act, The Main Street Growth Act, and The Travel Trailer and Camper Tax Parity Act, the ‘Blockchain Regulatory Certainty Act’ is designed to provide blockchain innovation with the support it needs. The bill will protect blockchain innovators not involved in handling consumer funds from getting tagged wrongfully.
The Congressman also stated on his official website that:
“These bills are a symbol of my commitment to creating jobs, investing in Minnesota’s transportation infrastructure, and encouraging financial innovation right here at home. 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.”
Blockchain Developer Should Not Require Licensing
According to the draft bill, Emmer made his stance against viewing blockchain developers as an entity required to obtain license both on federal and state level official.
It was stated in the bill that:
“No blockchain developer or provider of a blockchain service shall be treated as a money transmitter (as defined under State licensing laws, section 1960 of title 18, United States Code, and section 1010.100 of title 31, Code of Federal Regulations), money services business (as defined under section 1010.100 of title 31, Code of Federal Regulation), financial institution (as defined under section 5312 of title 31, United States Code), or any other State or Federal legal designation requiring licensing or registration as a condition to acting as a blockchain developer or provider of a blockchain service, unless the developer or provider has, in the regular course of business, control over digital currency to which a user is entitled under the blockchain service or the software created, maintained, or disseminated by the blockchain developer.”