US Congressman Launches Blockchain Regulatory Certainty Act

It is reported that Tom Emmer, the US House of Representatives Majority Party Whip and US Representative, has introduced the Blockchain Regulatory Certainty Act to ensure that developers and non custodial service providers in the encryption field are not considered remitters and are not subject to the same level of regulation as custodial cryptocurrency exchanges.

US Congressman Launches Blockchain Regulatory Certainty Act

I. Introduction
A. Background of the Blockchain Regulatory Certainty Act
B. Importance of the Act
II. Definition of Remitters
A. Who are remitters?
B. Why are remitters subject to regulation?
III. Overview of Blockchain Regulatory Certainty Act
A. Purpose of the Act
B. Key features of the Act
IV. Benefits of the Blockchain Regulatory Certainty Act
A. Increased innovation in the blockchain industry
B. Encourage small businesses to participate in the blockchain economy
C. Encouragement of consumer protection
V. Potential Risks of the Blockchain Regulatory Certainty Act
A. Possibility of increased fraud
B. Potential decrease in regulatory oversight
VI. Conclusion
A. Summary of key points
B. Future implications of the Blockchain Regulatory Certainty Act
#Table 2: The Article
**Introduction**
The Blockchain Regulatory Certainty Act has been introduced in the House of Representatives by Tom Emmer, the US House of Representatives Majority Party Whip and US Representative. This Act aims to ensure that developers and non-custodial service providers in the encryption field are not considered remitters and are not subject to the same level of regulation as custodial cryptocurrency exchanges. In this article, we will delve into the details of the Act and its potential impact on the blockchain industry.
**Definition of Remitters**
Remitters are individuals or companies that transmit funds on behalf of others. In the case of the cryptocurrency industry, remitters are businesses that hold customers’ funds in exchange for a fee. These businesses are subject to regulation by the Financial Crimes Enforcement Network (FinCEN). The level of regulation may vary depending on the size of the business and the volume of transactions.
**Overview of the Blockchain Regulatory Certainty Act**
The Blockchain Regulatory Certainty Act seeks to clarify the distinction between custodial and non-custodial cryptocurrency businesses. It aims to provide regulatory certainty for developers and non-custodial service providers in the encryption field. The Act seeks to ensure that these providers are not subject to the same level of regulatory oversight as custodial cryptocurrency exchanges.
The Act defines custodial participants as entities that hold currency on behalf of others, while non-custodial participants are entities that do not hold currency on behalf of others. The Act allows non-custodial participants to be exempted from certain requirements that are applicable to custodial participants.
**Benefits of the Blockchain Regulatory Certainty Act**
One of the benefits of the Blockchain Regulatory Certainty Act is that it may encourage innovation in the blockchain industry. The Act might allow small businesses to participate in this economy, creating new products and services. Additionally, the Act aims to provide greater consumer protection by encouraging more businesses to enter the marketplace, thus increasing competition.
**Potential Risks of the Blockchain Regulatory Certainty Act**
However, some believe that the Act may lead to increased fraud and the potential decrease in regulatory oversight. Critics argue that the lack of regulation may encourage less scrupulous actors to enter the field, leading to fraudulent activities. Additionally, the Act may not provide sufficient regulatory oversight to ensure that the industry is working within a fair and legal framework.
**Conclusion**
In conclusion, although the introduction of the Blockchain Regulatory Certainty Act is still in its early stages, it holds the potential to change the regulatory landscape for non-custodial service providers in the encryption field. There are potential risks and benefits that need to be taken into account when considering the impact of the Act.
**FAQs**
Q: Who will benefit from the Blockchain Regulatory Certainty Act?
A: Non-custodial service providers and developers in the encryption field will benefit from the Act.
Q: What does the Blockchain Regulatory Certainty Act do?
A: The Act seeks to clarify the distinction between custodial and non-custodial cryptocurrency businesses and ensure that non-custodial providers are not subject to the same level of regulatory oversight as custodial cryptocurrency exchanges.
Q: What are the potential risks associated with the Blockchain Regulatory Certainty Act?
A: The Act may lead to increased fraud and potential decrease in regulatory oversight.