Is The Bill "Blockchain Regulatory Certainty Act" Crypto Friendly?

Description:

The "Blockchain Regulatory Certainty Act" (H.R. 3533) provides a safe harbor for non-controlling blockchain developers and service providers, exempting them from being classified as money transmitters or financial institutions, and thus from associated licensing and registration requirements, unless they have control over users' digital assets. This aims to prevent such entities from incurring liability for unlicensed or unregistered conduct.

Date Introduced:

Status:

Introduced and Sponsored

Stance on Crypto:

Very Pro-Crypto

Links:

Primary Analysis:

This bill, H.R. 3533, also known as the "Blockchain Regulatory Certainty Act," is considered pro-crypto for the following reasons:

  • It provides a "safe harbor" from licensing and registration requirements for non-controlling blockchain developers and providers of blockchain services.
  • It specifies that these entities will not be treated as a "money transmitter," "financial institution," or subject to other State or Federal legal designations requiring licensing or registration, unless they have control over users' digital assets.
  • The bill defines "control" as the unilateral and independent legal right or ability to initiate transactions spending digital assets without requiring third-party approval.
  • This distinction aims to reduce regulatory burdens and foster innovation in the blockchain space by clarifying that entities not holding control over user funds are not subject to the same regulations as traditional financial intermediaries.

Congress members who support this bill

Additional Analysis

No additional analysis for this bill yet