Top Highlights
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Congressman Tom Emmer has reintroduced the bipartisan Blockchain Regulatory Certainty Act, clarifying that crypto developers without custody of consumer funds should not be classified as money transmitters.
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The bill aims to provide legal certainty for blockchain developers, miners, and crypto wallet providers, helping to retain American innovation and preventing it from moving overseas.
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Notable endorsements for the bill include prominent industry organizations like Coin Center and Blockchain Association, highlighting its importance for regulatory clarity in the crypto space.
- In related news, Texas passed a strategic Bitcoin reserve bill to allow the state to manage crypto assets, while similar legislation is pending in 18 additional states.
On May 21, Congressman Tom Emmer reintroduced the Blockchain Regulatory Certainty Act (BRCA). He co-led the bipartisan bill with Congressman Ritchie Torres. The proposed legislation clarifies that crypto developers and service providers who do not hold customer funds should not be classified as money transmitters.
This adjustment aims to provide legal certainty for blockchain developers, miners, and validators. Currently, unclear regulations are pushing American innovation overseas. Emmer stated, “The longer we delay this commonsense clarification, the greater the risk that this transformative technology is pushed overseas.”
Torres echoed this sentiment, emphasizing the need for clarity to keep American builders in the country. He warned that outdated regulations could drive talent and technology abroad.
Industry support for BRCA is strong. Organizations like Coin Center and the Blockchain Association have endorsed its reintroduction. This renewed effort follows Emmer’s original 2018 proposal.
In related developments, Texas passed its strategic Bitcoin reserve bill (SB 21) with a vote of 101 to 42. This bill now heads to the Governor for approval. It establishes a reserve where the state can buy and manage crypto assets, aiming to enhance financial security.
Additionally, Michigan introduced four new crypto-related bills on the same day. These include provisions for state retirement funds to invest in crypto and a proposal banning central bank digital currencies.
As states across the nation evaluate their positions on crypto, BRCA stands as a critical step toward fostering an innovative environment in the United States.
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