According to the committee’s concurring opinion, passage of the bill would free technology developers and their intermediaries from the influence of certain restrictive regulations. For example, regulating remittance rules and mandatory licensing of activities if a blockchain company does not provide digital asset storage services to customers.
The bill’s sponsors promise that its passage will stimulate the development of new applications and services based on blockchain technology for the needs of government agencies, institutional clients and private consumers.
“The bill creates an environment for innovation and ensures that entrepreneurs don’t have to worry about outdated laws or regulations that don’t align with this new technology,” assured House of Representatives member Tom Emmer.
Earlier, experts at MarketsandMarkets, an analytical agency, shared a
The global blockchain market could exceed $83 billion as a result of growing public interest in blockchain technology adoption with a focus on privacy and legal compliance.