U.S. Representative Tom Emmer has reintroduced a bill to provide regulatory clarity for the blockchain and cryptocurrency industry.
On May 21, Representative Tom Emmer, along with Representative Ritchie Torres, reintroduced the 'Blockchain Regulatory Certainty Act' (BRCA). The key point of the bill is that cryptocurrency developers and service providers who do not hold customer funds should not be classified as money transmitters under current regulations.
The bill aims to provide legal certainty for blockchain developers, miners, validators, and cryptocurrency wallet providers building non-custodial services.
Representative Emmer emphasized, "The longer this common-sense clarification is delayed, the greater the risk that innovative technology will be exported, potentially harming U.S. investors and innovators."
Representative Torres also stated, "Such legal clarity is essential to keep the next generation of developers in the United States" and "We cannot allow outdated or misapplied regulations to continue driving U.S. talent and technology overseas."
Several industry organizations, including Coin Center, DeFi Education Fund, Blockchain Association, Solana Policy Institute, and Crypto Innovation Committee, have supported the reintroduction of this bill. Representative Emmer first introduced the bill in 2018, and the current version is part of ongoing efforts to establish regulatory clarity.
Meanwhile, Texas's Bitcoin Strategic Retention Bill (SB 21) has passed its third reading with 101 votes in favor and 42 against, and is now awaiting the governor's signature. The bill provides an investment mechanism allowing the state government to actively buy and manage cryptocurrencies with large market capitalizations for fiscal stability and economic resilience.
Additionally, on May 21, Michigan introduced four cryptocurrency-related bills, including allowing state pension funds to invest in cryptocurrencies, prohibiting central bank digital currencies (CBDC), and permitting Bitcoin mining at closed mines and gas fields. Currently, only Arizona and New Hampshire have enacted cryptocurrency retention bills, with 18 states having related bills pending.
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