Congressman Emmer introduces bill providing ‘safe harbor’ to miners, developers and wallets

Congressman Tom Emmer and Darren Soto introduced a bipartisan measure connected March 23 called the Blockchain Regulatory Certainty Act to found much clarity for the crypto industry.

Emmer serves arsenic co-chair of the Congressional Blockchain Caucus alongside Soto. He said successful the announcement:

“Crypto and blockchain technology, by nature, does not easy acceptable into the frameworks policymakers person considered erstwhile crafting regulations successful the past. For excessively long, national regulators and lawmakers person jammed the blockchain ecosystem into statutory definitions that conscionable bash not marque sense.”

‘Safe Harbor’ for non-controlling entities

Under Emmer’s bill, lone entities that custody user funds should beryllium considered wealth transmitters. According to Emmer:

“It should beryllium simple: If you don’t custody user funds, you aren’t a wealth transmitter. “

As such, miners, validators and crypto wallet bundle providers should not person to use for licensing oregon beryllium taxable to regulatory requirements arsenic they bash not person nonstop custody of consumers’ crypto.

The measure proposes giving blockchain developers, miners, validators and non-custodial wallet bundle providers ineligible “safe harbor” from stringent regulations placed connected entities that bash power user funds, similar exchanges.

Blockchain Regulatory Certainty Act

Based connected the Congressional record, the measure was archetypal introduced successful 2018.

Its main purpose is to found that definite blockchain developers and definite blockchain work providers should beryllium exempt from stringent licensing and regulatory reporting requirements that are placed connected wealth transmitters.

It antecedently failed to summation traction successful the location successful erstwhile years owed to the deficiency of involvement pursuing the 2017 marketplace crash.

However, governmental involvement successful the blockchain abstraction has seen a monolithic resurgence since; and with the extremity of the carnivore marketplace connected the horizon, politicians and regulators are scrambling to found rules.

The station Congressman Emmer introduces measure providing ‘safe harbor’ to miners, developers and wallets appeared archetypal connected CryptoSlate.