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Congressman Emmer Proposes Bill to Provide 'Safe Harbor' for Miners, Developers, and Wallets

Cointime Official

Congressman Tom Emmer has announced the introduction of a bipartisan bill with Representative Darren Soto. 

The bill called Blockchain Regulatory Certainty Act is set to establish more clarity for the crypto industry.

“Crypto and blockchain technology, by nature, does not easily fit into the frameworks policymakers have considered when crafting regulations in the past. For too long, federal regulators and lawmakers have jammed the blockchain ecosystem into statutory definitions that just do not make sense.” Emmer said in the announcement.

Emmer's proposed bill aims to redefine the classification of money transmitters, stating that only entities that have custody of consumer funds should fall under this category. Emmer stated:

"It should be simple: If you don’t custody consumer funds, you aren’t a money transmitter. "

As a result, the bill would provide a legal "safe harbor" for blockchain developers, miners, validators, and non-custodial wallet software providers, who do not hold direct custody of consumers' cryptocurrency, from the stringent regulations that exchanges and other fund custodians are subject to.

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