On 23 March, the United States House representative and majority party chief whip Tom Emmer presented a bill to regulate blockchain and crypto. Countries worldwide examine their existing crypto regulation frameworks to enhance security and reliability.
The bill named the Blockchain Regulatory Act (BCRA) presented by the chief whip in the house of representatives. In a press release by Tom Emmer, he informed about the aim and objectives of the bill. The BCRA bill presented in the house clearly mentioned that service providers that do not have custody funds cannot be considered money transmitters. This new bill will provide more clarity on blockchain management.
According to Tom Emmer the existing definitions are very hazy and don’t provide clear direction on blockchain technology and the Blockchain Regulatory Act will enhance the clarity. The BCRA is supported by both parties as this will help in strengthening the digital assets management frameworks in the United States. Darren Soto, a member of the democratic party, also provided his full support to the bill and said, “I’m a proud supporter of Rep. Tom Emmer’s bill because it is a step in the right direction policy-wise and provides helpful regulatory clarity for innovators in the ecosystem.”
Republican party’s chief whip Tom Emmer and Darren Soto both work as vice chairs of the Congressional blockchain caucus. However, comprehensive crypto legislation is yet to come in the United States but the authorities are trying to bring every possible protective measure to tackle current problems like data thefts, fraud, and custody-related issues. Recently the Commodities and Futures Trading Commission (CFTC) formed a technical advisory committee (TAC) to solve the problem related to cybersecurity and manage the technical aspects.
The BCRA will reduce the confusion created by different existing laws among the miners, wallet providers, and other related stakeholders. Tom Emmer remained very vocal in raising the voice for better digital asset management regulation for a very long time. In February the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats from issuing CBDC that revokes the United States people’s right to financial privacy.
There’s a very high chance that the proposed bill will get approval in the house as it’s a bipartisan bill. Representatives of both parties show their willingness to pass the bill and if gets passed in the voting then it’s definitely a big step in blockchain management.