Rep. Tom Emmer has revealed plans to reintroduce the Blockchain Regulatory Certainty Act. The bill was first floated in 2021 and it aims to exempt blockchain and crypto-focused businesses that do not custody customer funds from registering as money transmitters.
Fostering crypto innovation
At a time when the latest FTX death spiral has given some crypto-averse policymakers more reasons to float stricter laws that could further stifle the growth of Web3, Congressman Tom Emmer remains confident in the long-term potential of the industry, as evidenced by his plan to reintroduce the Blockchain Regulatory Certainty Act.
For the uninitiated, the bipartisan Blockchain Regulatory Certainty Act aims to exempt Web3 businesses such as miners, multi-signature service providers, and others, who do not directly handle users’ funds, from registering as virtual asset service providers (VASPs), contrary to the proposal of the Financial Action Task Force (FATF).
While Rep. Emmer’s bill may have good intentions in itself, as it makes life easier for innovators in the Web3 space, it has drawn mixed reactions nonetheless.
Elsewhere, following the FTX debacle, staunch crypto critic, Sen. Elizabeth Warren has urged Congress during a Senate Banking Committee hearing on Dec.14, to regulate crypto just like the traditional financial sector, attracting serious criticism from some crypto proponents, including Senator Cynthia Lummis.
“Requiring open source developers to integrate AML/KYC into node software and hardware wallets? That dog won’t hunt,” tweeted Sen. Lummis.