Tom Emmer Reintroduces Regulatory Clarity For Crypto Tech Bill

On May 21, Congressman Tom Emmer reintroduced the Blockchain Regulatory Certainty Act (BRCA), a bipartisan bill co-led with Congressman Ritchie Torres.

The bill’s core principle stipulates that if crypto developers and service providers do not hold custody of consumer funds, they shouldn’t be classified as money transmitters under current regulations.

The clarification aims to provide legal certainty for blockchain developers, miners, validators, and crypto wallet providers who build non-custodial services.

Clarity for Developers, Miners, and Validators

The legislation addresses concerns that unclear regulations are pushing American crypto innovation overseas.

Both congressmen emphasize that the bill protects innovation while maintaining appropriate oversight, and they have refined the framework based on previous feedback when similar language was rejected in committee.

“The longer we delay this commonsense clarification, the greater the risk that this transformative technology is pushed overseas, harming American investors and innovators,” said Emmer.

“If we want to keep the next generation of builders in the United States, this kind of legal clarity is essential,” said Torres, who added, “We cannot afford to let outdated or misapplied regulations drive American talent and technology overseas.”

Several industry organizations have endorsed the reintroduction, including Coin Center, DeFi Education Fund, Blockchain Association, Solana Policy Institute, and Crypto Council for Innovation.

Emmer originally introduced this bill in 2018, and the current version represents continued efforts to establish regulatory clarity.

Texas Bitcoin Reserve Bill Passes

In related news, the Texas strategic Bitcoin reserve bill (SB 21) has passed the third reading by a vote of 101 to 42 and now heads to the Governor’s desk for signature.

The bill establishes the reserve as an investment vehicle, allowing the state to actively buy, sell, and manage high market cap crypto assets for financial security and economic resilience.

https://twitter.com/Bitcoin_Laws/status/1925237428237083049?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

Additionally, four new crypto-related bills were introduced in Michigan on May 21, according to Bitcoin Laws. They propose allowing the state retirement fund to invest in crypto, banning central bank digital currencies, and allowing Bitcoin mining on abandoned oil and gas wells.

Arizona and New Hampshire are the only two states to have enacted crypto reserve bills.

Strategic Bitcoin reserve bills are pending in 18 states, under consideration in one state, and have been rejected in five states, according to the SBR monitor.