The Blockchain Regulatory Certainty Act, reintroduced by Congressman Tom Emmer, aims to attract investment into U.S. crypto infrastructure.
Bill Details and Implications
The Blockchain Regulatory Certainty Act, sponsored by Emmer and Congressman Ritchie Torres, focuses on clarifying regulations for service providers like miners and wallet providers. Emmer emphasized that developers who do not custody funds should not be considered money transmitters. The bill could enhance investment in U.S. blockchain infrastructure projects.
Importance of the Initiative for U.S. Innovation
Congressman Torres also highlighted the bill's importance in safeguarding American innovation, asserting that clearer laws can help keep blockchain technology within the U.S. Furthermore, the bill could potentially reduce capital flight and foster the growth of local crypto ecosystems.
Historical Context and the Future of Regulation
This bill is part of broader efforts to ensure regulatory clarity in the digital asset sector. It continues the work initiated in 2018, including multiple legislative attempts in recent years. The success of this bill could influence the development of regulatory frameworks beyond crypto, impacting associated technology and investment sectors.
The Blockchain Regulatory Certainty Act represents a step toward creating a transparent legislative framework, which could increase investment levels in U.S. crypto infrastructure and ensure competitiveness on the international stage.
