Rep. Tom Emmer
U.S. Rep. Tom Emmer (R-MN) on May 21 proposed bipartisan legislation that aims to provide legal clarity to help unleash blockchain development in the United States.
The Blockchain Regulatory Certainty Act, H.R. 3533, which Rep. Emmer sponsored with bill cosponsor U.S. Rep. Ritchie Torres (D-NY), would provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and blockchain services providers, according to the text of the bill.
“If you don’t custody consumer funds, you aren’t a money transmitter. Plain and simple,” said Rep. Emmer, who alongside Rep. Torres serves as a co-chair of the Congressional Crypto Caucus.
“The longer we delay this common-sense clarification, the greater the risk that this transformative technology is pushed overseas, harming American investors and innovators,” Rep. Torres added. “This bill provides that clarification, and will help the United States remain a leader in the crypto space.”
Supporters of H.R. 3533 say the bill would protect American crypto developers and innovators from undue regulation by prosecution, noting that recent misapplication of licensing laws has substantially chilled the development of privacy and freedom enhancing tech in the U.S.
If enacted, the measure would allow these companies to avoid surprise prosecutions, create legal clarity, and encourage free speech and software development, they say.
H.R. 3533 has been endorsed by Coin Center, the DeFi Education Fund, the Blockchain Association, The Digital Chamber, the Solana Policy Institute, and the Crypto Council for Innovation.
“The Blockchain Regulatory Certainty Act reflects a thoughtful, bipartisan effort to get digital asset policy right,” said Rep. Torres. “The United States should be the global home for responsible innovation, not a place where developers are punished for building open-source software or experimenting with new technologies. If we want to keep the next generation of builders in the United States, this kind of legal clarity is essential.”