US lawmakers have introduced a bipartisan bill to regulate the blockchain, according to which the activities of developers should not be regulated on a par with custodial services.
The proposal was put forward by US Congressmen Republican Tom Emmer and Democrat Darren Soto. The bill implies that blockchain developers and cryptocurrency service providers who are not involved in the storage of funds are not considered money transfer organizations.
Therefore, the activities of developers should not be controlled by analogy with cryptocurrency exchanges and other services for storing crypto assets, congressmen are sure.
Emmer acknowledged that blockchain and cryptocurrencies are difficult to fit into existing laws. According to the politician, federal regulators and legislators are trying to cram the blockchain ecosystem into rigid frameworks and fit it into definitions that do not make sense for this technology.
Emmer believes that it should not be complicated: if a mining company or software developer does not store user funds, then they do not provide services for transferring or storing money.
“The longer we delay passing bills to clarify the regulation of blockchain and cryptocurrencies, the greater the risk that the latest technologies will spread abroad, and local users and investors will be deprived of the opportunity to use them.
This initiative will help the United States remain a technological leader in the crypto space,” said Emmer. Tom Emmer recently spoke out against the launch of a digital dollar out of concern that it could be used to spy on citizens and hinder the development of cryptocurrencies in the country.
In addition, last week, a bill to protect the rights of bitcoin owners and miners was submitted to the US Congress, protecting them from unjustified confiscation of crypto assets.