Tom Emmer, the U.S. Representative for Minnesota’s 6th congressional district, introduced House Resolution 528 which aims to boost crypto start ups.
The bill, which is almost identical to the bill Emmer introduced in the 115th Congress in 2018,now has bipartisan support. Democrat Darren Soto, is the cosponsoring the resolution. The support from Representatives from across the political divide is expected to increase the chance of a safe passage for the bill,
Emmer’s bill sets out to “to provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services,” This would enable companies which use cryptocurrencies to be exempt from any money transmissions laws but only if the companies do not hold users coins.
Congressman Emmer, who has been serving since elected in 2015, sits on the Financial Services committee which the The Blockchain Regulatory Certainty Act has been referred to.
Rep. Emmer seeks to rationalize the regulatory environment for cryptocurrencies. The Blockchain Regulatory Certainty Act is intended to create a safe harbor against state licensing requirements for non-holding entities within the crypto sphere.
Greater Push for Crypto Development
Rep. Emmer from Minnesota and Representative Foster from Illinois’s 11th congressional district recently joined the Blockchain Caucus as co-chairs. The recent developments appear to be just the start for heavy campaigning and lobbying ahead for the advocates of cryptocurrencies in the U.S.
Despite a number of high profile ICO scam busts and a general loss of confidence in the crypto market as a whole, crypto development continues. More and more institutions and governmental organisations are investigation the possibilities crypto and blockchain bring.
Should Emmer’s bill pass, it would be a further sign of softening by the government towards crypto
