US Lawmakers Submit Bill to Regulate Blockchain

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U.S. lawmakers have introduced a bipartisan bill to regulate blockchain, according to which the activities of developers should not be regulated on a par with custodial services.

The proposal was put forward by U.S. Congressmen Republican Tom Emmer and Democrat Darren Soto.The bill implies that blockchain developers and cryptocurrency service providers who are not involved in the custody of funds are not considered money transfer organizations.Therefore, the activities of developers should not be controlled by analogy with cryptocurrency exchangesand other services for storing crypto assets, congressmen are sure.

Emmer acknowledged that blockchain and cryptocurrencies are difficult to fit into current laws.According to the politician, federal regulators and legislators are trying to squeeze the blockchain ecosystem into a rigid framework and adjust it to definitions that do not have a meaning for this technologyEmmer thinks it's not worth itComplicate: If the mining company or software developer doesn't storeuser funds, which means that they do not provide services for transferring or storing money.

"The longer we delay the passage of bills clarifying the regulation of blockchain and cryptocurrencies, the higher the risk that the latest technologies will bespread abroad, and local users and investors will be deprived of the opportunity to use them.This initiative will help the United States remain a technology leader in the crypto space," Emmer stated.

Recently, Tom Emmer opposed the launch of a digital dollar out of concern that it couldbe used to spy on citizens and hinder the development of cryptocurrencies in the country.In addition, a bill was introduced in the U.S. Congress last weekon the protection of the rights of bitcoin owners and miners, protecting them fromunjustified confiscation of crypto assets.