Member of the US House of Representatives and Majority Whip Tom Emmer has recently introduced a new bill to provide regulatory clarity for the blockchain and cryptocurrency industry. The bill is called the Blockchain Regulatory Act (BCRA).
According to Emmer, the purpose of this bill is to establish legal clarity for blockchain developers and service providers who do not hold or manage consumer funds. The bill proposes that these entities should not be considered money transmitters subject to “stringent” regulation.
Additionally, the BCRA is a bipartisan bill co-led by Representative Darren Soto of Florida, supported by members of both political parties. This support increases the chances of the bill passing through Congress.
How Will The Crypto Industry Benefit From This Bill?
Majority Whip Tom Emmer argues that traditional regulatory frameworks are not easily applicable to the rapidly-evolving blockchain and crypto sector. Emmer believes that federal regulators and lawmakers have been using “statutory definitions” that are not applicable to the crypto ecosystem.
Emmer’s BCRA proposes a more “sensible regulatory” environment for the crypto industry, blockchain developers, and service providers. By clarifying these matters, the bill could help promote innovation in the industry while reducing “unnecessary regulatory burdens.”
Jerry Brito, the Executive Director of Coin Center, a non-profit research and advocacy center focused on crypto and blockchain technology, argues that effective cryptocurrency policy requires regulatory frameworks that are “tailored” to the specific activities that present risks that need to be mitigated.
Brito believes that the Blockchain Regulatory Certainty Act affirms that non-custodial blockchain a
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Author: Ronaldo Marquez
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