On May 21, U. S. Rep. Tom Emmer (R-MN) introduced bipartisan legislation designed to bring legal clarity and stimulate blockchain development within the United States. The Blockchain Regulatory Certainty Act, H. R. 3533, sponsored by Rep. Emmer along with co-sponsor U. S. Rep. Ritchie Torres (D-NY), aims to establish a safe harbor from licensing and registration requirements for certain non-controlling blockchain developers and service providers, as detailed in the bill’s text. “If you don’t custody consumer funds, you aren’t a money transmitter. Plain and simple, ” stated Rep.

Emmer, who, alongside Rep. Torres, co-chairs the Congressional Crypto Caucus. Rep. Torres added, “The longer we delay this common-sense clarification, the greater the risk that this transformative technology is pushed overseas, harming American investors and innovators. This bill provides that clarification and will help the United States remain a leader in the crypto space. ” Proponents of H. R. 3533 argue that the bill would shield American crypto developers and innovators from excessive regulation and prosecution, highlighting how recent misapplication of licensing laws has significantly stifled the growth of privacy-focused and freedom-enhancing technologies in the U. S. If passed, the legislation would help these companies avoid unexpected legal actions, create clearer legal guidelines, and promote free speech and software innovation. The bill has received endorsements from Coin Center, the DeFi Education Fund, the Blockchain Association, The Digital Chamber, the Solana Policy Institute, and the Crypto Council for Innovation. Rep. Torres commented, “The Blockchain Regulatory Certainty Act represents a thoughtful, bipartisan effort to get digital asset policy right. The United States should be the global hub for responsible innovation, not a place where developers are penalized for building open-source software or experimenting with new technologies. To retain the next generation of builders in the U. S. , this kind of legal clarity is essential. ”