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Analyze HR7732 - Promoting Innovation in Blockchain Development Act

HR7732

Promoting Innovation in Blockchain Development Act

This legislation amends the federal criminal statute governing unlicensed money transmitting businesses to require that an entity must actually exercise control over funds to face prosecution. By narrowing the definition of money transmission to custodial activities, the bill exempts non-custodial blockchain developers, self-custody wallet providers, node operators, and decentralized finance protocols from criminal liability for unlicensed money transmission, protecting fundamental software innovation.

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Analyze HR7732 - Promoting Innovation in Blockchain Development Act | DoTheySupportIt