{"id":19159,"date":"2023-03-27T01:21:07","date_gmt":"2023-03-27T01:21:07","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-lawmaker-introduces-bill-to-affirm-blockchain-developers-and-non-custodial-services-are-not-money-transmitters-regulation-bitcoin-news\/"},"modified":"2023-03-27T01:21:07","modified_gmt":"2023-03-27T01:21:07","slug":"us-lawmaker-introduces-bill-to-affirm-blockchain-developers-and-non-custodial-services-are-not-money-transmitters-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-lawmaker-introduces-bill-to-affirm-blockchain-developers-and-non-custodial-services-are-not-money-transmitters-regulation-bitcoin-news\/","title":{"rendered":"US Lawmaker Introduces Bill to Affirm Blockchain Developers and Non-Custodial Services Are Not Money Transmitters \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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A U.S. 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. \u201cThe longer we delay providing this commonsense clarification, the greater risk that this transformative technology is driven overseas, depriving domestic users and investors,\u201d the lawmaker warned.<\/strong><\/p>\n

Blockchain Regulatory Certainty Act Launched<\/h2>\n

U.S. Congressman Tom Emmer (R-MN), the majority whip of the U.S. House of Representatives, announced on Thursday that he has introduced the Blockchain Regulatory Certainty Act (BRCA), \u201cwhich affirms that blockchain developers and service providers that do not custody consumer funds are not money transmitters.\u201d This bipartisan bill is co-led by Representative Darren Soto (D-FL). Emmer first introduced a similar bill in 2018.<\/p>\n

\u201cCrypto and blockchain technology, by nature, does not easily fit into the frameworks policymakers have considered when crafting regulations in the past. For too long, federal regulators and lawmakers have jammed the blockchain ecosystem into statutory definitions that just do not make sense,\u201d Rep. Emmer explained, elaborating:<\/p>\n

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It should be simple: If you don\u2019t custody consumer funds, you aren\u2019t a money transmitter. My bill provides that necessary confirmation for the blockchain community.<\/p>\n<\/blockquote>\n

\u201cThe 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,\u201d the House majority whip continued. Emmer and Soto also serve as co-chairs of the Congressional Blockchain Caucus.<\/p>\n

Jerry Brito, executive director of Coin Center, a nonprofit focused on the policy issues facing cryptocurrencies, commented: \u201cSound cryptocurrency policy requires calibrating regulations specifically for the activities that present risks that should be mitigated.\u201d He explained:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

What do you think about Rep. Tom Emmer\u2019s Blockchain Regulatory Certainty Act? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA 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 between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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