We stand at a regulatory crossroads. This bill could redefine how blockchain innovation thrives in the U.S.
H.R. 1747, introduced by Rep. Emmer, creates a crucial "safe harbor." It clarifies that developers and service providers are not money transmitters if they don't control user assets.
This distinction is vital. It separates protocol builders from financial intermediaries, a long-overdue clarification.
The safe harbor exempts these entities from burdensome state licensing and federal registration. This reduces legal uncertainty for core innovators.
Importantly, the bill protects intellectual property laws. It also respects state authority, provided local laws align with the Act's framework.
Key definitions bring much-needed precision. A "blockchain developer" creates or maintains network software.
A "blockchain network" is defined as a decentralized system achieving consensus without proprietary software or permission requirements.
"Blockchain service" covers systems enabling user access and digital asset transactions on these networks.
Crucially, "control" means having the legal right or capability to access data needed to initiate digital asset transfers.
This legislative clarity could unlock a new wave of American blockchain innovation by focusing regulation where it belongs.
What specific aspect of this regulatory safe harbor do you believe will most accelerate developer adoption?