The United States takes a major stride forward in fostering blockchain innovation as the Blockchain Regulatory Certainty Act successfully passes through the Financial Committee.
This critical legislation, introduced in the House on August 17, 2021, by Representative Tom Emmer, aims to shield non-custodial blockchain developers and service providers from undue burdens arising from additional regulations.
At its core, the Act seeks to create exemptions from specific financial reporting and licensing requirements for blockchain developers and service providers that do not take control of consumer funds.
By doing so, it offers a clear and well-defined regulatory framework, providing much-needed certainty to the blockchain industry.
The passage of the Blockchain Regulatory Certainty Act through the Financial Committee marks a significant milestone for the U.S. blockchain and cryptocurrency community.
The Act’s introduction by Representative Emmer underscores the growing recognition of the immense potential that crypto and blockchain technologies hold for the country.
In a statement, Representative Emmer expressed his conviction in the transformative power of crypto and blockchain technology.
He stated, “Crypto and blockchain technology provide an important opportunity for our country to lead in the digital asset space.”
“This bill will allow blockchain innovation to flourish right here in the U.S., and I look forward to continuing to work with my colleagues on the committee to get it over the finish line,” he stated further.
The Act’s focus on safeguarding non-custodial developers and service providers from unnecessary regulatory hurdles has garnered widespread support from industry stakeholders and experts.
Blockchain technology has already showcased its capacity to revolutionize various sectors, from finance and supply chain management to healthcare and real estate.
With regulatory clarity, businesses can confidently explore blockchain solutions, leading to increased investments and more extensive adoption of these transformative technologies.
Furthermore, the Act’s emphasis on fostering innovation aligns with the broader vision of the United States to remain at the forefront of technological advancements.
By supporting developers and service providers in their pursuit of cutting-edge solutions, the Act encourages creativity and out-of-the-box thinking, driving the industry forward.
While the Act has successfully cleared the Financial Committee, it now faces further deliberations before it can become law.
