Category Archives: Darren Soto

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US Congressmen Request Trump for Blockchain Initiatives

NEC, US Congressmen Request Trump for Blockchain Initiatives

Seven members of the US Congress have written to the Director of the National Economic Council (NEC) requesting the Trump administration for the inclusion of blockchain technology in new initiatives on emerging technologies.

The government and the blockchain community have been at odds for years. The most obvious pain point is the US Securities and Exchange Commission (SEC), which has been delaying a clear answer on whether some cryptos are securities, among other decisions holding back the technology behind them.

As the NEC advises the president’s office on domestic economic policy and is part of the Executive Office of the President, it is seen as one possible inroad for blockchain advocates.

In the letter, Congressman Darren Soto wrote:

“Blockchain has the profound potential to benefit society and be a driver of economic growth. It is crucial we continue to be informed on new initiatives and educate Congress and other government agencies on the impact of these emerging technologies. I’m proud to take bipartisan action in promoting blockchain.”

Congressman Trey Hollingsworth, Bill Foster, Tom Emmer, Ted Budd, Josh Gottheimer and David Schweikert are the other names on the letter and form part of the Congressional Blockchain Caucus who supported this letter.

The letter also asks NEC Director Lawrence Kudlow for a blockchain forum, decrying the lack of attention for crypto and blockchain technology from the authorities, and urging for better support, instead of delaying and leaving the industry in the dark:

“As such, we strongly urge the Administration and the National Economic Council to convene a forum for stakeholder input and support this emerging technology through its inclusion in its efforts to promote ‘investments in the cutting-edge industries of the future’.”

 

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US Congressman Re-Introduces Bill to Exempt Non-Custodial Crypto Services

US Congressman Re-Introduces Bill to Exempt Non-Custodial Crypto Services

A US congressman Tom Emmer, a co-chair of the Congressional Blockchain Caucus, has introduced a bill dubbed the Blockchain Regulatory Certainty Act aimed at exempting cryptocurrency-related ventures that are non-custodial from money transmission laws.  The bill is co-sponsored by Congressman Darren Soto.

Information regarding this was published on the Congress official website on 14 January. Part of the bill reads: “To provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services”. If passed, this will invariably help foster the development of the industry.

Emmer, who also sits as a member of the US House Financial Services Committee, the house where the bill has been introduced to, is a proponent for the industry. He has said that: “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. These technologies hold untold promise for our economy and for all Americans.”

He proposed a similar bill last year, which was a trio of blockchain-focused bills, although some within the Congress are of the opinion that the latter stands a better chance. According to Coindesk, “the bill now has bipartisan support”, citing an unnamed spokesperson for the Congressman.

A number of bills regarding cryptocurrency and the blockchain industry have been introduced into different congressional settings globally, gaining prominence among many lawmakers. It seems only a matter of time before comprehensive pro-blockchain legislation is passed.

While it is not of a unanimously shared sentiment yet, Emmer once said: “Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”

However, the race is on to offer the most robust legal infrastructure to govern the industry while maintaining innovative processes within the ecosystem.

 

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