USA: Senators reintroduce key law to protect Crypto Services

A bipartisan project seeks to protect the development of crypto platforms from self -system in the US, taking it out of the categories of money transmitting entities.

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• New version of the Blockchain Regulatory Certainty Act presented by Emmer and Torres returns to Congress.
• The project seeks to exclude non -guarded developers and platforms from being treated as money transmitters.
• Leaders of the crypto industry support the measure to guarantee legal clarity and protect innovation.

Efforts continue to establish clear rules in the crypto ecosystem in the US “Blockchain regulatory certainty act”, A bipartisan proposal which aims to exempt developers and autocustody developers of the unauthorized money transmitter label.

Joint initiative to protect open innovation

The bill was reintroduced by Republican Tom Emmer and Democrat Ritchie Torres, who seek to provide legal certainty to fundamental actors of the blockchain ecosystem, such as miners, validators and wallet suppliers that do not guard user funds. The proposal, initially presented in 2018, arrives at a key moment, while the Congress Multiple initiatives debate to regulate digital assets.

In a statement published today, Congressman Torres indicated:

“If we want to keep the next generation of innovators in the United States, this type of legal clarity is essential.”

Both legislators founded this year the “Congressional Crypto Caucus”with the aim of defending open innovation, without permits and with respect to privacy.

A frame to avoid legal misunderstandings

The new attempt to bring this vote legislation responds, in part, to which the proponents describe as An erroneous application of financial licensing laws that has stopped the development of technologies focused on privacy and freedom.

Peter Van Valkenburgh, executive director of Coin Center, declared in an interview for The Block:

“Avoiding surprising prosecutions, creating legal clarity and promoting software development are central values ​​of the US, no partisan issues, and this project encodes them.”

According to the text of the proposal, software developers who build decentralized tools and have no control over user funds should not be treated as financial intermediaries under current regulations.

The initiative has been well received by key organizations of the crypto ecosystem. Sarah Milby, interim executive director of the Blockchain Association, celebrated the project for its potential to strengthen US leadership Blockchain.

“This legislation states that those who create and maintain decentralized blockchain protocols should not be unfairly treated as financial intermediaries,” Milby said.

The support of the industry reinforces the urgency of a regulatory modernization that does not limit technological development or expel talent and innovation outside the country’s borders.

A context of pressure to define regulatory frameworks

The presentation of the project occurs in parallel to other legislative efforts, such as the proposals to regulate Stablecoins and establish broader frameworks for digital assets. However, many of these initiatives have not yet been subjected to full vote in the Senate wave Camera, nor have they reached the desk of President Donald Trump.

With the reintroduction of the Blockchain Regulatory Certinty Act, Congress It has a new opportunity to define how decentralized and self -ocustody platforms will be legally addressed.

This will be key to determining whether the US can continue to be a technological innovation pole in an increasingly competitive environment globally.

Article written by a content editor. Edited by Angel Di Matteo / Diariobitcoin

Original image of UNSPLASH.

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