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Emmer: Blockchain Regulatory Certainty Act ‘will allow blockchain innovation to flourish right here in the U.S.’

WASHINGTON – Majority Whip Tom Emmer discussed his nonpartisan bill – H.R.1747, the Blockchain Regulatory Certainty Act – which will be marked up by the House Financial Services Committee today.

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Whip Emmer: “Hopping off of our hockey soapbox this week, I wanted to talk about something that may be flying under everybody’s radar. Today, our nonpartisan legislation – the Blockchain Regulatory Certainty Act – is going to be marked up in the Financial Services Committee. Crypto and blockchain technology provide an important opportunity for our country to lead in the digital asset space. I commend Chair McHenry for moving forward with this. Today, we’ve got an important opportunity to make progress towards providing regulatory certainty that benefits consumers and fosters innovation right here at home. This bill specifically deals with what blockchain-related entities qualify as money transmitters across the country. Major discrepancies in the state-by-state framework on this issue have stifled innovation and confused the marketplace on how to comply with money transmission requirements. The Blockchain Regulatory Certainty Act will clear things up by affirming for the blockchain community that if you don’t custody consumer funds, you aren’t a money transmitter. It’s simple, but very important. A clear and consistent regulatory landscape will ensure we don’t drive this transformative technology overseas or drive American consumers to bad actors. This bill will allow blockchain innovation to flourish right here in the U.S., and I look forward to continuing to work with my colleagues on the committee to get it over the finish line.”