Tom Emmer Proposes New Legislation Aimed at Providing Regulatory Clarity for Cryptocurrency
Recently, U.S. Congressman Tom Emmer introduced new legislation aimed at providing a clearer regulatory framework for the digital asset industry and services.
On May 21, Emmer reintroduced the Blockchain Regulatory Certainty Act (BRCA), a bipartisan bill co-led by Congressman Ritchie Torres.
The core content of the bill is that if cryptocurrency developers and service providers do not hold consumers' funds, they should not be classified as money transmitters under current regulations.
This legislative framework aims to provide legal certainty for non-custodial service blockchain developers, miners, validators, and cryptocurrency wallet providers, addressing concerns that unclear regulations could push U.S. crypto innovation overseas.
Emmer warned that delaying the regulation of the cryptocurrency industry would increase the risk of technological outflow and harm the interests of U.S. investors and innovators. Torres agreed, stating that clear regulations are key to retaining industry talent and preventing technological outflow due to regulatory delays.
It is worth mentioning that the bill has received support from several industry organizations, including Coin Center and the DeFi Education Fund. In fact, Emmer had proposed a similar bill as early as 2018, and this revision reflects a continued push for regulatory optimization.
On the same day, the Texas Bitcoin Strategic Reserve Bill (SB 21) passed its third reading (101:42) and has been submitted for the governor's signature. This bill establishes reserves as official investment tools, authorizing the state government to actively manage high market capitalization crypto assets, aimed at enhancing financial security and economic resilience.
Overall, whether at the federal level for improving the regulatory framework or the proactive positioning of state governments regarding crypto assets, U.S. cryptocurrency policy is being rapidly implemented.
These initiatives signify that the future development of cryptocurrency in the U.S. will become more standardized and institutionalized, providing clearer guidance and a more stable operating environment for industry participants.
Do you think that as the regulatory framework for cryptocurrency gradually clarifies, a more compliant and open crypto ecosystem will take shape?
