July 25, 2023 – The Chamber of Digital Commerce is delighted to express its robust support for the bipartisan ‘Blockchain Regulatory Certainty Act‘. We are eager to see this pivotal legislation advance through the House Financial Services Committee and move closer to enactment. 

This Act represents a significant stride in providing regulatory clarity for blockchain developers, service providers, and digital asset miners. By ensuring that these entities are not treated as money transmitters or financial institutions, the Act provides a safe harbor that encourages innovation while maintaining the integrity of the digital asset ecosystem. 

“We believe this Act will stimulate growth and innovation in the blockchain industry by reducing unnecessary regulatory burdens. We look forward to working with Congress to ensure the successful implementation of this legislation,” said Cody Carbone, Vice President of Policy at The Chamber. 

The Chamber commends Congressman Emmer (R-MN) and Congressman Soto (D-FL) for their leadership and the members of the House Financial Services Committee for their foresight and commitment to supporting the blockchain industry. We are confident that the ‘Blockchain Regulatory Certainty Act’ will play a pivotal role in shaping a positive regulatory environment for blockchain technology in the United States. 

Summary of the Blockchain Regulatory Certainty Act 

The Blockchain Regulatory Certainty Act provides a safe harbor for non-controlling blockchain developers and providers of blockchain services. It ensures that these entities are not treated as money transmitters or financial institutions unless they control digital assets in the regular course of business. The Act aims to foster innovation in the blockchain industry by reducing regulatory burdens while maintaining necessary safeguards for the digital asset ecosystem.