U.S. Representative, Tom Emmer has reintroduced a bill that seeks a safe harbor for some crypto startups. The bill is aimed at granting the exemption for crypto firms that does not store any coin from the impact of state-level money transmission laws.
The ‘House Resolution 528’ Bill
A new bill, House Resolution 528 sponsored by Tom Emmer which is aimed at the providence of safe harbor from licensing and registration for some non-controlling blockchain developers and providers of blockchain services is being re-introduced. Passing the bill will aid the companies that trade or use cryptocurrencies without custodianship of users, coins to be exempted from money transmission laws.
The bill is a re-introduction of a bill introduced by Emmer last year, though the recent one comes with some variation that boosts it more with the hope of seeing passage.
One of the variations of the new bill and the previous one is the inclusion of bipartisan support. Also, the addition of Representative Darren Soto, a Democrat, as a co-sponsor for the bill, and the bill referring to the financial services committee which is headed by the congressman, Emmer. The latest development of the bill is expected to give its approval further boost.
On approval, the Coin Center executive director, Jerry Brito says, hopes are high on the success of the bill as this will further boost the crypto space in the country. He noted that they worked closely with congressman Emmer last year on the bill and they are happy to see it re-introduced in the new Congress with bipartisan support.
Notably, the bill has been referred to the Judiciary Committee and the Financial Services committee where the provision of the bill is expected to be considered about their mandates.
U.S. Crypto Regulations
Crypto and blockchain regulations in the United States have been placed under scrutiny of recent as the major factor hindering massive crypto adoption in the country.
Recently, CEO of Circle, Jeremy Allaire mentioned that the lack of clarity from the U.S. SEC had been the major hindrance in unlocking the crypto market, especially on the classification of various assets.
Also, a director of Ripple, Ryan Zagone also expressed the same view of recent. Stipulating appropriate regulations is considered necessary for the conducive environment of crypto startups. This is considered a panacea to crypto growth and the exodus of crypto firms to crypto friendly countries.