With cryptocurrency startups fleeing the United States of America for the green pastures of Switzerland, Malta, and other crypto-friendly locations, one U.S. lawmaker is realizing this could be a mistake. For that reason, Tom Emmer reintroduced a bill seeking “safe harbor” for a select few blockchain startups.
The U.S. IMPROVES BILL FOR SOME CRYPTO STARTUPS
U.S. Representative Tom Emmer aims to increase crypto startups in the country that might be affected by state-level money transmission laws with a new bill. This bill will create exceptions for startups that do not store any coins. House Resolution 528 as it’s called wants to “provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services.” Therefore, this allows companies which use or trade cryptocurrencies but no not hold users coins to be exempt from state-level money transmission laws. Of course, the bill first needs to pass.
The U.S. REP TOM EMMER SHOWS HIS LOVE FOR CRYPTO STARTUPS
This is not the first time Rep. Emmer introduced a bill like this. Last year, with the 115th Congress, Emmer proposed a nearly identical bill with little success. With a few key changes, Emmer hopes to get it through the House of Representatives. The first major difference this time around is the bill has bipartisan support. According to reports, Rep. Darren Soto (Democrat) just listed as a co-sponsor for the bill. Furthermore, the bill will be referred to the Financial Services Committee of which Emmer has a seat on.
DOES THIS MEAN CRYPTO STARTUPS ARE ABOUT TO BOOM IN THE U.S.?
It’s a little too early to tell if we’re on the brink of crypto startup explosion in the U.S. but this is a good step in the right direction for mainstream adoption. Are you prepared? If not, head on over to YouHodler today and request your first loan. On this platform, you can use your crypto as collateral and receive cash in return.
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