US lawmaker reintroduces bill targeting Trump’s crypto ties

A U.S. legislator has brought back a proposed bill as criticism grows over Trump’s connections to the cryptocurrency sector.

As skepticism about Trump’s crypto involvement fuels opposition from many liberal lawmakers, a Democratic representative chooses to stand behind a blockchain bill.

On May 21, Representative Tom Emmer of Minnesota announced the reintroduction of the Blockchain Regulatory Certainty Act, a bill that “solidifies that digital asset developers and service providers that do not custody consumer funds are not money transmitters.”

By working alongside Democrat Ritchie Torres on the legislation, Republican Emmer signals a bipartisan approach to the proposed bill in Congress.

“The Blockchain Regulatory Certainty Act reflects a thoughtful, bipartisan effort to get digital asset policy right,” said Torres.

“While similar language was voted down in markup last Congress, we took that feedback seriously and returned with a smarter, sharper framework that protects innovation without compromising oversight.”

On May 21, important players in the crypto space approved the Blockchain Regulatory Certainty Act.

“Recent misapplication of licensing laws has substantially chilled the development of privacy and freedom enhancing tech in the US,” said Peter Van Valkenburgh, executive director of Coin Center. “Avoiding surprise prosecutions, creating legal clarity, and encouraging free speech and software development are not partisan issues; they are core American values, and the BRCA codifies them.”

Sarah Milby, serving as interim CEO of the Blockchain Association, remarked that the legislation would enhance the U.S.’s global dominance in crypto.

“This important legislation affirms that innovators building and maintaining decentralized, non-custodial blockchain protocols should not be unfairly treated as financial intermediaries,” Milby said in a statement.

It remains unknown if the House of Representatives will give majority approval to the bill supported by Emmer and Torres.

Since 2021, Torres has supported a wide range of measures favorable to the cryptocurrency industry.

Since March, he and Emmer have co-led the Congressional Crypto Caucus to champion cryptocurrency-friendly initiatives in the House.

Maxine Waters and other Democratic representatives have suggested they will oppose any crypto or blockchain laws until Republicans address Trump’s associations with the industry, including his family’s stake in World Liberty Financial and the TRUMP memecoin.

The president is preparing to hold a dinner on May 22, inviting the top 220 memecoin holders.