Should blockchain be exempt from certain reporting and licensing?
Bill Summary
This bill makes nonfinancial businesses using blockchain exempt from some financial reporting and licensing that apply to many more traditional financial institutions. This exemption is reserved for blockchain developers and providers that do not take control of consumer funds.
Sponsor: Rep. Tom Emmer (Republican, Minnesota, District 6)
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Opponents say
• “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air… Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity… If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.” - President Trump
• “The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this [Facebook’s efforts to create cryptocurrency] as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.” - Rep. Maxine Waters (Democrat, California, District 43)
• “The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this [Facebook’s efforts to create cryptocurrency] as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.” - Rep. Maxine Waters (Democrat, California, District 43)
Proponents say
• “The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills” - Rep. Tom Emmer (Republican, Minnesota, District 6)
• “As the impact of blockchain continues to expand across many industries, public-private collaboration on how to harness the benefits of this technology is more important than ever. The U.S. Chamber looks forward to partnering with lawmakers to help educate and convene stakeholders on the growing uses of blockchain. Legislative solutions like the recent bills introduced by Congressman Emmer are critical to this effort.” - Tim Day, Senior Vice President, Chamber Technology Engagement Center , and Tom Quaadman, Executive Vice President, Center for Capital Markets Competitiveness at the U.S. Chamber of Commerce.
• “Blockchain is a disruptive technology that will change the way we do business in almost every sector. As the incoming Democratic co-chair of the Blockchain Caucus, I am proud to join my colleagues to lead Congress so that policymakers and industry can work together to realize this promise and unleash its economic potential in the United States and around the world” - Rep. Bill Foster (Democrat, Illinois, District 11)
• “As the impact of blockchain continues to expand across many industries, public-private collaboration on how to harness the benefits of this technology is more important than ever. The U.S. Chamber looks forward to partnering with lawmakers to help educate and convene stakeholders on the growing uses of blockchain. Legislative solutions like the recent bills introduced by Congressman Emmer are critical to this effort.” - Tim Day, Senior Vice President, Chamber Technology Engagement Center , and Tom Quaadman, Executive Vice President, Center for Capital Markets Competitiveness at the U.S. Chamber of Commerce.
• “Blockchain is a disruptive technology that will change the way we do business in almost every sector. As the incoming Democratic co-chair of the Blockchain Caucus, I am proud to join my colleagues to lead Congress so that policymakers and industry can work together to realize this promise and unleash its economic potential in the United States and around the world” - Rep. Bill Foster (Democrat, Illinois, District 11)
- Emmer Spearheads Groundbreaking Legislation to Support Blockchain Technology and Digital Currencies (Press Release)
- Lawmakers Push for New Bitcoin Rules (Wall Street Journal)
- Trump Blasts Bitcoin and Says Cryptocurrencies,including Facebook’s Libra, Should be ‘Subject to All Banking Regulations’ (Busin
