Is The Bill "Blockchain Regulatory Certainty Act" Crypto Friendly?
Description:
The "Blockchain Regulatory Certainty Act" establishes a safe harbor from licensing and registration requirements for blockchain developers and providers of blockchain services. This protection applies to entities that do not have control over the digital assets to which a user is entitled. The bill defines key terms like "blockchain developer," "blockchain network," "blockchain service," and "digital asset" to clarify its scope and application within the crypto industry.
Date Introduced:
2023-03-23
Status:
Introduced and Sponsored
Stance on Crypto:
Very Pro-Crypto
Links:
Primary Commentary:
Primary Commentary:
This bill is a significant step towards providing much-needed regulatory clarity for the crypto industry, particularly for those building foundational infrastructure. By creating a 'safe harbor' for non-controlling blockchain developers and service providers, it explicitly shields them from being automatically classified as money transmitters or financial institutions. This distinction is crucial, as it reduces the regulatory burden on innovators who are merely creating and disseminating software without holding user funds. The bill's emphasis on defining 'control' clearly differentiates between custodial and non-custodial entities, which is a sensible approach to regulation based on risk. This clarity fosters innovation by removing ambiguity and potential legal threats for developers, encouraging the growth of the blockchain ecosystem. The bill's very title, 'Blockchain Regulatory Certainty Act,' aligns perfectly with the desire for 'clear regulatory frameworks' that the crypto industry has long sought.
Congress members who support this bill
Cosponsors
Additional Commentary
No additional commentary for this bill yet