1 year ago
U.S. Congressman Tom Emmer is looking to reintroduce a bipartisan measure aimed astatine excluding non-custodial blockchain work providers from registering arsenic custodial exchanges.
The pro-crypto lawmaker has severally called connected Congress to found wide regulatory frameworks to cheque the activities of crypto work providers. Earlier connected August 17, 2021, Congressman Emmer introduced the bipartisan Blockchain Regulatory Certainty Act, with a absorption connected exempting non-custodial work providers from registering arsenic wealth transmitters.
Emmer argued that definite blockchain developers and work providers similar miners bash not clasp customers’ funds, hence, should not registry arsenic wealth transmitters similar crypto exchanges.
In the aftermath of the FTX collapse, much U.S. lawmakers including anti-crypto Congresswoman Elizabeth Warren have moved to suggest bills aimed astatine establishing wide regulatory guidelines for the crypto market.
To support the involvement of the crypto industry, Congressman Emmer said helium is looking to reintroduce the bipartisan Blockchain Regulatory Certainty Act earlier Congress.
— Tom Emmer (@RepTomEmmer) December 14, 2022
If Emmer’s measure is passed, blockchain developers and non-custodial work providers volition not beryllium taxable to strict licensing and registering requirements arsenic projected by the Financial Action Task Force (FATF).
Emmer said:
“Blockchain work providers request wide rules of the roadworthy to beryllium capable to make and put successful the United States, and this clarity is much indispensable than ever arsenic the FATF tires to encapsulate much non-custodial blockchain developers successful the wealth transmission system.”
Emmer defends crypto
In airy of the caller contagion, Congressman Emmer said that the illness of FTX was not astir crypto oregon decentralized finance, but a failure of centralized finance, Sam Bankman-Fried and SEC Chairman Gary Gensler.
Emmer has reportedly been moving to investigate Gary Gensler’s relation successful helping FTX get a regulatory monopoly. He besides alleged that the SEC Chairam knew that FTX was fraudulent and went up to meetings with Sam Bankman-Fried.
The station Pro-crypto Congressman Tom Emmer looks to reintroduce measure to support non-custodial blockchain work providers appeared archetypal connected CryptoSlate.
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