Congress to reconsider crypto custodian bill

A bill designed to exempt non-custodial services from certain laws is back on the Congress floor

Companies that offer non-custodial cryptocurrency services are all turning their attention to Capitol Hill. Congressional leaders are said to be considering a bill that would exempt these entities from certain laws that govern the money-transmitting industry and which, if passed, would help invigorate a stagnant crypto segment.

The bill was submitted by Congressman Tom Emmer and co-sponsored by Congressman Darren Soto. It is entitled, “To provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services” and having Emmer and Soto behind it should help it find a solid footing.

The full text of the bill has not yet been released. However, its brief description states, “To provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services.”

The bill now in its second attempt at finding approval. It will have better odds this time as it now has bi-partisan support and Emmer is a member of the Financial Services Committee, which will discuss the bill.

Emmer is a prolific supporter of crypto, as well as blockchain technology. He not only believes in the technology, but understands that a lack of forward progress on the subject at the federal level is hurting tech innovation in the country and driving companies to move off shore. He has previously stated, “The US should be the home to this innovation [blockchain] and should embrace these new technologies. In order for these efforts to be successful, it is imperative that we adopt a deliberate, flexible and unified approach to regulation.”

Emmer is planning on introducing three bills in support of crypto and blockchains this session, one of which is the non-custodial bill. The other two include “Resolution Supporting Digital Currencies and Blockchain Technology” and “Blockchain Regulatory Certainty Act.”

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