Minnesota Republican Congressman Tom Emmer this week announced that he was reintroducing the Blockchain Regulatory Certainty Act, according to his congressional website. The bill was previously introduced in the House of Representatives last September and is co-sponsored by Democrat Congressman Darren Soto.
The bill would provide protections for blockchain developers, miners, and other industry participants who exercise no control over consumer funds and prevent them from being subject to state laws governing licensed money transmitters and financial institutions. It also would protect them from federal or state designations that could require them to obtain licenses or register their blockchain development activities.
Emmer highlighted Congress’ important role in prioritizing innovation as a way to encourage continued American economic growth:
“The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth. These technologies hold untold promise for our economy and for all Americans.”