Bipartisan Support Emerges for Blockchain Regulation Amid Crypto Industry Concerns
In a notable development for the crypto space, a bipartisan effort is underway in the U.S. Congress to provide regulatory clarity for blockchain technology. As reported by Cointelegraph, the Blockchain Regulatory Certainty Act, reintroduced by Minnesota Representative Tom Emmer, aims to define that digital asset developers and service providers who do not manage customer funds should not be classified as money transmitters. This move comes amid broader debates about crypto regulation and concerns over potential conflicts of interest related to former President Donald Trump’s involvement in the industry.
Key Points of the Blockchain Regulatory Certainty Act
- Bipartisan Support: The bill is co-led by Democratic Representative Ritchie Torres, signaling a collaborative effort to address digital asset policy.
- Clarity for Non-Custodial Services: The act seeks to clarify that developers and service providers who don’t handle customer funds are not money transmitters, providing regulatory certainty.
- Industry Backing: Advocacy organizations like the Crypto Council for Innovation and the Blockchain Association have voiced their support for the bill.
Democratic Divisions and Trump’s Crypto Ties
While Torres supports the bill, other Democratic House members, such as Representative Maxine Waters, have expressed intentions to block crypto-related legislation. Their concerns stem from potential conflicts of interest related to Donald Trump’s connections to the crypto industry, including his family’s stake in World Liberty Financial and the TRUMP memecoin. Trump is reportedly planning a dinner with major holders of his memecoin, further fueling these concerns.
Torres’ Pro-Crypto Stance
Representative Ritchie Torres has been a vocal supporter of the crypto industry, co-leading the Congressional Crypto Caucus with Emmer to promote crypto-friendly policies. His involvement in the Blockchain Regulatory Certainty Act highlights his commitment to fostering innovation while ensuring appropriate oversight.
Conclusion
The Blockchain Regulatory Certainty Act represents a significant step toward establishing clear regulations for the blockchain industry in the United States. While it enjoys bipartisan support, it also faces opposition from lawmakers concerned about potential conflicts of interest. The outcome of this bill could have far-reaching implications for the future of crypto and blockchain innovation in the country. This comes at a crucial time for the crypto market, with major cryptocurrencies like Bitcoin and Ethereum experiencing significant volatility and increased regulatory scrutiny.
Disclaimer
The information provided in this article is for informational purposes only and does not constitute financial advice. All news content is sourced from trusted platforms like Cointelegraph, Bitcoinist, and our own writers written with added value, editorial insights and reviews by our team. Always do your own research before making any investment decisions.
