Blockchain Regulatory Certainty Act

Bill: 118-hr-1747
Sponsor: full_name: Rep. Emmer, Tom [R-MN-6]
Introduced: 2023-03-23
Policy area: Finance and Financial Sector
Subjects: Advanced technology and technological innovations

Banking and financial institutions regulation

Computers and information technology

Currency

Financial services and investments

Licensing and registrations
Latest action: action_date: 2024-05-06
text: Placed on the Union Calendar, Calendar No. 403.

Summaries:
action_date: 2023-03-23
action_desc: Introduced in House
text: <p><b>Blockchain Regulatory Certainty Act </b></p> <p>This bill exempts from certain financial reporting and licensing requirements blockchain developers and providers of blockchain services that do not take control of consumer funds. </p>

tv_txt: IB Union Calendar No. 403 118th CONGRESS 2d Session H. R. 1747 [Report No. 118–486] IN THE HOUSE OF REPRESENTATIVES March 23, 2023 Mr. Emmer (for himself and Mr. Soto ) introduced the following bill; which was referred to the Committee on Financial Services May 6, 2024 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on March 23, 2023 A BILL To provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services.

1. Short title This Act may be cited as the Blockchain Regulatory Certainty Act . 2. Safe harbor for non-controlling blockchain developers and providers of blockchain services (a) Protection for non-Controlling blockchain services and software developers No blockchain developer or provider of a blockchain service shall be treated as a money transmitter (as defined under State licensing laws), a financial institution (as defined under section 5312 of title 31, United States Code), or any other State or Federal legal designation requiring licensing or registration as a condition to acting as a blockchain developer or provider of a blockchain service, unless the developer or provider has, in the regular course of business, control over digital assets to which a user is entitled under the blockchain service or the software created, maintained, or disseminated by the blockchain developer. (b) Effect on other laws (1) Intellectual property law Nothing in this section shall be construed to limit or expand any law pertaining to intellectual property. (2) State law Nothing in this section shall be construed to prevent any State from enforcing any State law that is consistent with this section. No cause of action may be brought and no liability may be imposed under any State or local law that is inconsistent with this section. (c) Definitions As used in this section: (1) Blockchain developer The term blockchain developer means any person or business that creates, maintains, or disseminates software facilitating the creation or maintenance of a blockchain network or a blockchain service. (2) Blockchain network The term blockchain network means any system of networked computers that cooperates to reach consensus over the state of a computer program and allows users to participate in the consensus-making process without the need to license proprietary software or obtain permission from any other user. The term blockchain network includes, specifically, a public network of computers that cooperates to reach consensus over the state of a distributed ledger describing transactions in a digital asset. (3) Blockchain service The term blockchain service means any information, transaction, or computing service or system that provides or enables access to a blockchain network by multiple users, including specifically a service or system that enables users to send, receive, exchange, or store digital assets described by blockchain networks. (4) Control The term control means the legal right, authority, or ability to obtain upon demand data sufficient to initiate transactions spending an amount of digital assets. (5) Digital asset The term digital asset means any form of intangible personal property that can be exclusively possessed and transferred person to person without necessary reliance on an intermediary.

May 6, 2024 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: I 118th CONGRESS 1st Session H. R. 1747 IN THE HOUSE OF REPRESENTATIVES March 23, 2023 Mr. Emmer (for himself and Mr. Soto ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services.

1. Short title This Act may be cited as the Blockchain Regulatory Certainty Act . 2. Safe harbor for non-controlling blockchain developers and providers of blockchain services (a) Protection for non-Controlling blockchain services and software developers No blockchain developer or provider of a blockchain service shall be treated as a money transmitter (as defined under State licensing laws), a financial institution (as defined under section 5312 of title 31, United States Code), or any other State or Federal legal designation requiring licensing or registration as a condition to acting as a blockchain developer or provider of a blockchain service, unless the developer or provider has, in the regular course of business, control over digital assets to which a user is entitled under the blockchain service or the software created, maintained, or disseminated by the blockchain developer. (b) Effect on other laws (1) Intellectual property law Nothing in this section shall be construed to limit or expand any law pertaining to intellectual property. (2) State law Nothing in this section shall be construed to prevent any State from enforcing any State law that is consistent with this section. No cause of action may be brought and no liability may be imposed under any State or local law that is inconsistent with this section. (c) Definitions As used in this section: (1) Blockchain developer The term blockchain developer means any person or business that creates, maintains, or disseminates software facilitating the creation or maintenance of a blockchain network or a blockchain service. (2) Blockchain network The term blockchain network means any system of networked computers that cooperates to reach consensus over the state of a computer program and allows users to participate in the consensus-making process without the need to license proprietary software or obtain permission from any other user. The term includes, specifically, a public network of computers that cooperates to reach consensus over the state of a distributed ledger describing transactions in a digital asset. (3) Blockchain service The term blockchain service means any information, transaction, or computing service or system that provides or enables access to a blockchain network by multiple users, including specifically a service or system that enables users to send, receive, exchange, or store digital assets described by blockchain networks. (4) Control The term control means the legal right, authority, or ability to obtain upon demand data sufficient to initiate transactions spending an amount of digital assets. (5) Digital asset The term digital asset means any form of intangible personal property that can be exclusively possessed and transferred person to person without necessary reliance on an intermediary.