The Blockchain Regulatory Certainty Act aims to clearly define the roles of Blockchain developers and infrastructure providers, not considering them as money transmitters if they do not hold funds.

Promoted by U.S. Lawmaker Tom Emmer, this bill aims for a clear legal framework that protects both users and Blockchain technology creators while encouraging discussion and improvement in the Senate.

MAIN CONTENT

  • The bill defines Blockchain developers and infrastructure providers as not being money transmitters if they do not hold funds.

  • Tom Emmer emphasizes that this is a non-partisan issue, aimed at protecting technology and the people.

  • The bill is awaiting Senate review and is expected to continue adjustments and improvements.

What is the Blockchain Regulatory Certainty Act?

The Blockchain Regulatory Certainty Act clearly stipulates that Blockchain developers and infrastructure providers, such as miners, validators, and node operators, are not considered money transmitters if they do not directly hold funds. This is a significant advancement towards creating a transparent legal environment for the Blockchain industry.

From a professional perspective, the law removes unnecessary legal barriers, creating a more favorable environment for innovation while protecting the rights of end users. According to Tom Emmer – U.S. Senator, this bill is understandable, clear, and helps prevent the excessive application of regulations on individuals and organizations participating in building the Blockchain ecosystem.

Why does Tom Emmer consider this a non-partisan issue?

Tom Emmer evaluates the Blockchain Regulatory Certainty Act as an issue that transcends partisan boundaries, focusing on the common interests of the people and the technology sector. He calls for multi-faceted cooperation, asserting that this law will help facilitate the development of innovation in Blockchain without causing instability.

Emmer emphasizes that establishing a solid legal framework is a necessary step to protect both users and developers, creating long-term trust in the cryptocurrency market. This reflects a strategic mindset aimed at minimizing political disputes and promoting sustainable development.

"The bill is a non-partisan issue focused on protecting the American people and promoting Blockchain innovation safely."

Tom Emmer, U.S. Lawmaker, July 24, 2023

What is the process of receiving and finalizing the bill like?

Before the U.S. House of Representatives recess in August 2023, Tom Emmer committed to working to garner support from many Democratic Senators for the bill. He is also open to receiving amendment proposals to improve the content from the Senate.

This process shows flexibility and high consensus to develop legislation that fits the increasingly complex realities of the cryptocurrency technology. It is also an opportunity for legal experts and the Blockchain industry to contribute feedback to make the bill more applicable.

Who will benefit in the Blockchain industry from this bill?

Participants in Blockchain development such as miners, validators, and node operators will have their legal burdens reduced regarding being viewed as money transmitters. The bill also supports startups and technology creators to survive without excessive legal risks.

Having a clear legal framework helps increase investor confidence and develop a community that processes cryptocurrency more safely and transparently. Reports from many leading organizations indicate that regulatory clarity is a decisive factor for the sustainable growth of long-term Blockchain projects.

Frequently Asked Questions

How does this bill affect Blockchain developers?

The law excludes developers and infrastructure providers from the money transmitter list if they do not hold funds, reducing unnecessary legal liability.

Does the bill receive support from political parties?

Tom Emmer asserts that this is a non-partisan issue, built to protect the common interests of the people and technology.

How is the process of finalizing the bill going?

The bill is currently under review and receiving amendments in the Senate, with participation from many Senators to enhance its practicality.

Who are the main beneficiaries of the bill?

Blockchain developers, miners, validators, and node operators will have their legal risks minimized when they do not directly hold funds.

Does the bill help increase trust in the cryptocurrency market?

Creating a transparent and clear legal framework is a key factor in increasing trust and attracting investment in the industry.

Source: https://tintucbitcoin.com/ha-vien-thuc-day-dao-luat-blockchain/

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