Minnesota Representative Tom Emmer recently presented the Blockchain Regulatory Certainty Act once more in Congress, this time with increased support from both political parties and the industry.
The Blockchain Regulatory Clarity Act aims to establish that individuals like miners, validators, and wallet providers—who don’t hold consumers’ funds—shouldn’t be categorized as financial institutions handling money transfers.
In this manner, the bill intends to exempt these entities from having to comply with licensing requirements related to money services under either state or national financial laws.
Emmer, who jointly heads the Congressional Crypto Group with Democratic Representative Ritchie Torres, stated in a May 21 announcement that this bill offers “practical clarity” to prevent innovation from migrating abroad.
He highlighted the point that if there isn’t clarity in the legal framework, the United States might face a situation where developers are drawn towards countries more welcoming to cryptocurrencies.
Torres likewise endorsed this perspective, labeling the revised version of the bill as a “more intelligent, more precise structure” that has been refined based on previous input, providing straightforward guidelines while maintaining thorough supervision.
As a forward-thinking crypto investor based in the U.S., I firmly believe that maintaining legal clarity is absolutely crucial for nurturing the next wave of innovators within our borders. It’s simply not an option to let antiquated or misused regulations push our brilliant minds and cutting-edge technology out of the country. In essence, we must ensure a regulatory landscape that fosters growth rather than stifles it here at home.
In 2018, Representative Emmer initially presented a bill designed to offer clarity on the legal status of non-custodial blockchain developers in relation to money transmission regulations. The bill has since been reintroduced several times.
The version before the current one was H.R. 1747 in 2023, but it wasn’t approved in committee. Emmer and Torres listened to the feedback and made changes to the original plan to address concerns while preserving core innovation aspects.
A number of organizations that support the crypto industry, such as Coin Center, the Blockchain Association, the DeFi Education Fund, the Digital Chamber, and the Crypto Council for Innovation, have all voiced their backing for this legislation.
As per Cody Carbone from The Digital Chamber, this bipartisan bill aims to provide developers with the long-awaited liberty to construct projects within the United States.
The proposal for the bill is being made again during a period of heightened political conflict concerning digital currencies. Some Democratic representatives have become more opposed to cryptocurrency regulations, particularly as attention focuses on potential connections between the industry and former President Donald Trump.
To be approved, the bill must gather more yes votes than no’s in both houses of Congress. However, it’s uncertain if Emmer and Torres possess the required number of supportive votes.
Despite securing endorsement from major industry associations and bi-partisan supporters, the bill hasn’t quite gathered comprehensive backing from all congress members yet.
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2025-05-22 10:23