Blockchain Regulatory Certainty Act Proposal
In an interesting political maneuver, Minnesota Representative Tom Emmer has resubmitted a proposal known as the Blockchain Regulatory Certainty Act, aiming to clarify that entities engaged in digital asset development and services without holding consumer funds should not be classified as money transmitters. This initiative comes during a contentious period in which several in the Democratic Party are hesitant to support cryptocurrency legislation, largely due to concerns surrounding former President Donald Trump‘s affiliations with the crypto industry.
Bipartisan Support for the Initiative
Notably, Emmer’s efforts are bolstered by support from Democratic Congress member Ritchie Torres, making this legislation part of a collaborative bipartisan push in Congress. Torres commented on the initiative, stating that:
“The Blockchain Regulatory Certainty Act reflects a thoughtful, bipartisan effort to get digital asset policy right.”
This comes after a previous attempt to pass similar language was rejected in a last session’s markup, prompting the authors to refine their approach to better safeguard innovation while ensuring sufficient regulatory oversight.
Support from Advocacy Groups
Backers of this proposed legislation include several advocacy groups, such as the Crypto Council for Innovation and the Blockchain Association, which indicate a growing favor for this regulatory framework. However, the question remains whether enough votes exist within the House of Representatives to move the bill forward. Since taking office in 2021, Torres has championed various crypto-friendly initiatives, collaborating with Emmer as members of the Congressional Crypto Caucus since March to push for favorable policies in the digital asset sector.
Opposition within the Democratic Party
While this bipartisan effort unfolds, it faces significant opposition within the Democratic Party. Other representatives, such as Maxine Waters, have expressed their intent to halt all crypto-related legislative efforts until the GOP addresses Trump’s potential conflicts, notably his family’s financial interests linked to the crypto world and an upcoming dining event for high-value holders of a memecoin he promoted. As this political drama continues, observers remain attentive to whether this legislation can gain the necessary traction amidst differing opinions within Congress.
As of now, inquiries to Torres’ office for further clarification have not yielded any responses before publication.
