US Congressman Tom Emer is about to reintroduce a bipartisan bill aimed at eliminating non-custodial blockchain service providers from registering as custodial exchanges.
Pro-crypto lawmakers have repeatedly called on Congress to establish a clear regulatory framework to check the activities of crypto service providers. On 17 August 2021, Congressman Emmer said: Bipartisan Blockchain Regulatory Certainty Act, It focuses on exempting non-custodial service providers from registering as money transfer providers.
Emer argued that certain blockchain developers and service providers like miners do not hold customer funds and should not be registered as remittance providers like crypto exchanges.
Following the collapse of FTX, a number of US lawmakers, including anti-cryptocurrency lawmaker Elizabeth Warren, are moving to propose legislation aimed at establishing clear regulatory guidelines for the cryptocurrency market.
To protect the interests of the cryptocurrency industry, Congressman Emmer Bipartisan Blockchain Regulatory Certainty Act Before parliament.
— Tom Emmer (@RepTomEmmer) December 14, 2022
If Emer’s bill is passed, blockchain developers and non-custodial service providers would no longer be subject to the stringent licensing and registration requirements proposed by the Financial Action Task Force (FATF).
“Blockchain service providers need clear rules to allow them to develop and invest in the United States. I’m tired and I need it more than ever.”
Emer protects the code
In light of the recent contagion, Congressman Emmer said the collapse of FTX was not about crypto or decentralized finance, but a failure of centralized finance, with Sam Bankman Freed and SEC Chairman Gary Gensler.
Emmer is reportedly working to investigate Gary Gensler’s role in helping FTX gain regulatory monopoly. He also claimed that the SEC chairman knew his FTX was a scam and proceeded to meet with Sam Bankman-Fried.