Tom Emmer – a U.S Republican Representative – has reportedly been making efforts to support crypto companies having a hard time with state-level transmission laws, by putting creating a bill that can provide transaction exceptions for firms not keeping their customers’ coins.
The new bill – House Resolution 528 – if passed by the US Congress, can relieve cryptocurrencies trading companies from restrictions the current money transmission laws are holding upon them, or in other words, will “provide a safe harbour from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services,”
Despite some resemblances compared to the bill presented last year to the 115th Congress, the House Resolution 528 has a difference that can give it an advantage in winning the approval or at least get boosted by the House. The change would be the new “bipartisan support” factor, with the Democrat Representative – Darren Soto – to co-sponsor for the bill alongside with Tom Emmer, as said by a Congress spokesperson to CoinDesk.
The spokesperson also claimed that “this time around, this bill … will be referred to the Financial Services committee which Congressman Emmer sits on, and we intend to see the House take up the measure,”
After the introduction of last year’s bill, Coin Center – an advocacy group from D.C – has stated that “state money transmission licensing laws are broadly drafted and carry harsh penalties for failure to comply,” claiming key issue to be “only custodians present a risk of loss that would be sensibly addressed through licensing.”
Through a spokesperson, Coin Center executive director Jerry Brito said that he hopes the bill gets passed, “even though the Hill is focused on other priorities at the moment,”
Upon hearing House Resolution 528 to be making a run to get authorized, Coin Center executive Director Jerry Brito hopes that the bill will get the approval from the Congress.