A new bipartisan initiative in the US House of Representatives aims to reshape the legal landscape for blockchain developers. The Promoting Innovation in Blockchain Development Act, introduced by Representatives Scott Fitzgerald, Ben Cline, and Zoe Lofgren, seeks to provide much-needed clarity and protection for those working in the cryptocurrency space. The source notes that this legislation could significantly impact the future of blockchain technology in the United States.
Proposed Legislation Overview
The proposed legislation intends to amend Section 1960 of federal law, which currently prohibits unlicensed money transmitting businesses. By clarifying that developers who create software or maintain networks without controlling user funds will not face criminal prosecution, the bill aims to alleviate fears among developers regarding potential legal repercussions.
Response to Recent Prosecutions
This legislative effort comes in response to recent prosecutions of notable developers, including Roman Storm and the founders of Samourai Wallet, which have raised concerns about the risks associated with blockchain development in the US. Supporters of the bill argue that it is a crucial step to encourage innovation and retain talent within the country, rather than pushing developers to relocate abroad.
Support from Crypto Advocacy Groups
Major crypto advocacy groups have rallied behind the bill, highlighting the necessity for a legal framework that not only protects developers but also fosters an environment conducive to technological advancement. As the cryptocurrency landscape continues to evolve, this legislation could play a pivotal role in shaping the future of blockchain development in the United States.
Recently, Indiana advanced the Bitcoin Rights Bill, which aims to integrate cryptocurrency into its financial framework, contrasting with the federal efforts to clarify blockchain development laws. For more details, see Bitcoin Rights Bill.
