Tom Emmer introduces Bill to protect blockchain developers
Tom Emmer introduces Bill to protect blockchain developers
The Republican Congressman Tom Emmer has introduced further crypto-related laws-this time to help blockchain developers from inappropriate requirements for financial reporting.
The new law could help to correct the controversial language in the infrastructure law of the bidet administration at the end of 2021, which theoretically could describe part of the blockchain network participants as "broker" for digital asset.
Clearing the air on Crypto Reporting
The Blockchain Regulatory CertaAnty Act states that such parties should not be treated as transmission of money or financial institutions should still be subject to the registration and licensing requirements, unless they are directly involved in the storage of crypto-assets.
"If you do not keep consumer money, you are * no * money transmitter," argued Emmer. "The blockchain regulatory certainty act offers this necessary certainty for miners, validers, providers of wallet software and the entire blockchain ecosystem."
In November 2021, the bidel infrastructure law contained an article that imposed requirements for information reporting for "brokers" of digital assets. Critics of the draft law deny that the term “broker” is far enough to theoretically be applied to miners, stakers and even developers - for which the fulfillment of such requirements would be impossible. A consortium crypto-supporting politician tries to revise the language in the invoice before it was adopted, but without success. Therefore, the supporters of Emmer's new law believe that he will create some of the necessary clarity that is necessary to prevent the crypto industry from fleeing overseas. "Federal regulating authorities and political decision-makers have put the blockchain ecosystem in legal definitions that simply do not make sense," said Emmer. Definitions are a delicate topic for crypto in the United States-especially when it is determined which digital assets are "securities" according to the federal securities laws. The chairman of the Securities and Exchange Commission, Gary Gensler, has long argued that practically all cryptocurrencies are securities, with Bitcoin the only exception as cryptovare. Meanwhile, the Commodities and Futures Trading Commission believes that there are much more crypto-goods as-including ether and tether (USDT). The agency is now prepare complaint America's largest crypto exchange for listing certain safety tokens, which do not qualify coinbase competitions as such. reports on the stock exchange for her staking service, as she did with the competing stock exchange to Kraken last month. "The truth is that there is no clear set of sets of the SEC to crypto today and efforts to deal with the SEC are answered with silence or enforcement measures." Chief Legal Officer from Coinbase on Wednesday. . The regulatory struggle for crypto
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