Pro-crypto Congressman Tom Emmer looks to reintroduce bill to protect non-custodial blockchain service providers

CryptoSlate

Congressman Tom Emmer’s Blockchain Regulatory Certainty Act seeks to protect non-custodial blockchain service providers from registering as money transmitters. 

Cover art/illustration via CryptoSlate

U.S. Congressman Tom Emmer is looking to reintroduce a bipartisan bill aimed at excluding non-custodial blockchain service providers from registering as custodial exchanges.

The pro-crypto lawmaker has severally called on Congress to establish clear regulatory frameworks to check the activities of crypto service providers. Earlier on August 17, 2021, Congressman Emmer introduced the bipartisan Blockchain Regulatory Certainty Act, with a focus on exempting non-custodial service providers from registering as money transmitters.

How To Get Free Crypto  

Emmer argued that certain blockchain developers and service providers like miners do not hold customers’ funds, hence, should not register as money transmitters like crypto exchanges.

In the wake of the FTX collapse, more U.S. lawmakers including anti-crypto Congresswoman Elizabeth Warren have moved to propose bills aimed at establishing clear regulatory guidelines for the crypto market.

To protect the interest of the crypto industry, Congressman Emmer said he is looking to reintroduce the bipartisan Blockchain Regulatory Certainty Act before Congress.

If Emmer’s bill is passed, blockchain developers and non-custodial service providers will not be subject to strict licensing and registering requirements as proposed by the Financial Action Task Force (FATF).

Coinbase Banner  

Emmer said:

“Blockchain service providers need clear rules of the road to be able to develop and invest in the United States, and this clarity is more necessary than ever as the FATF tires to encapsulate more non-custodial blockchain developers in the money transmission system.”

Emmer defends crypto

In light of the recent contagion, Congressman Emmer said that the collapse of FTX was not about crypto or decentralized finance, but a failure of centralized finance, Sam Bankman-Fried and SEC Chairman Gary Gensler.

Emmer has reportedly been working to investigate Gary Gensler’s role in helping FTX obtain a regulatory monopoly. He also alleged that the SEC Chairam knew that FTX was fraudulent and went ahead to meetings with Sam Bankman-Fried.

Posted In: U.S., Regulation

Read Our Latest Market Report

Bitcoin on-chain deep dive: BTC falls below the global electrical cost

A weekly recap of key Bitcoin metrics affecting its price performance in the market, published every weekend.

James Van Straten · 4 days ago

Go to Source
Author: Christian Nwobodo


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.