U.S. House of Representatives Introduces Blockchain Regulatory Certainty Act

Jinse Finance reported that U.S. House Majority Whip and U.S. Rep. Tom Emmer introduced the Blockchain Regulatory Certainty Act to ensure that developers and Non-custodial service providers in the encryption field are not considered remitters and are not subject to escrow The same level of regulation as cryptocurrency exchanges. Rep. Emmer explained that, by their very nature, cryptocurrencies and blockchain technology do not fit easily into the frameworks that policymakers have considered in the past when creating regulations. For too long, federal regulators and lawmakers have crammed the blockchain ecosystem into meaningless statutory definitions that should be as simple as, if you don’t take custody of consumer funds, you’re not a money transmitter. My bill provides the necessary validation for the blockchain community. The bill will help the U.S. maintain its technological leadership in the cryptocurrency space.