Breaking News in Crypto Legislation
A new wave of optimism in the cryptocurrency scene is upon us! A bill seeking to exempt companies that provide non-custodial crypto services from certain state money transmitting laws has once again graced the halls of Congress. This bill, which sounds more like a techy superhero in a conference room than a legal document, was first brought to light on the Congress’ official website on January 14.
Who’s Behind the Bill?
The torchbearer of this promising piece of legislation is none other than Congressman Tom Emmer. He’s accompanied by the equally enthusiastic Congressman Darren Soto — a duo that could easily star in a buddy cop film about blockchain! Emmer has long been a proponent of cryptocurrencies, showcasing his commitment by featuring on lists spotlighting crypto-friendly congressional members.
A Bit of History
This isn’t Emmer’s first rodeo in the crypto legislative arena. Back in 2018, he planned to introduce a trio of bills aimed at providing legal clarity for blockchain technology, including the most recent one that’s back for approval. The other two members of this legislative trio include the:
- Resolution Supporting Digital Currencies and Blockchain Technology
- Blockchain Regulatory Certainty Act
Hopefully, these bills don’t need to run the gauntlet of Congress too many times before they finally get a seat at the table!
Recent Developments in the Crypto Regulation Scene
Interestingly, Emmer isn’t the only one making legislative noise in the crypto world. Lauded for their efforts, U.S. Representatives Doris Matsui and Brett Guthrie recently proposed the Blockchain Promotional Act 2018. There’s clearly a legislative buzz going on! Meanwhile, in a surprising twist from June 2018, a different bill was proposed by the House’s Financial Services Committee to study the use of cryptocurrencies in sex trafficking. Talk about hitting the ground running!
Why This Matters
What does all this mean for the average American bearing witness to the rapid rise and fall of cryptocurrencies? Well, for one, it potentially clears the regulatory fog that often obscures the playground for non-custodial crypto services. This could mean less red tape for companies, facilitating innovation, and ultimately benefiting consumers.
The Future of Crypto Legislation
As we keep our ear to the ground, it’s worth noting that the interplay of cryptocurrency and legislation is evolving. While certain bills go back and forth, the spotlight remains firmly on how legislative frameworks can encourage growth without stifling the dynamic innovations blockchain technology brings.
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