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Blockchain Regulatory Certainty Act
5/24/2024, 1:41 PM
Summary of Bill HR 1747
The Blockchain Regulatory Certainty Act, also known as Bill 118 hr 1747, is a piece of legislation introduced in the US Congress. The purpose of this bill is to provide regulatory certainty for businesses and individuals using blockchain technology.
The bill aims to establish a safe harbor for certain blockchain developers and service providers who are not engaged in money transmission. This means that these entities would not be subject to certain regulations that apply to traditional financial institutions.
Additionally, the bill seeks to clarify the regulatory framework surrounding blockchain technology, ensuring that businesses and individuals can innovate and operate within the law without fear of legal repercussions. Overall, the Blockchain Regulatory Certainty Act is designed to promote innovation and growth in the blockchain industry by providing clear guidelines and regulations for businesses and individuals operating in this space.
The bill aims to establish a safe harbor for certain blockchain developers and service providers who are not engaged in money transmission. This means that these entities would not be subject to certain regulations that apply to traditional financial institutions.
Additionally, the bill seeks to clarify the regulatory framework surrounding blockchain technology, ensuring that businesses and individuals can innovate and operate within the law without fear of legal repercussions. Overall, the Blockchain Regulatory Certainty Act is designed to promote innovation and growth in the blockchain industry by providing clear guidelines and regulations for businesses and individuals operating in this space.
Congressional Summary of HR 1747
Blockchain Regulatory Certainty Act
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.
Read the Full Bill
Current Status of Bill HR 1747
Bill HR 1747 is currently in the status of Bill Introduced since March 23, 2023. Bill HR 1747 was introduced during Congress 118 and was introduced to the House on March 23, 2023. Bill HR 1747's most recent activity was Placed on the Union Calendar, Calendar No. 403. as of May 6, 2024
Bipartisan Support of Bill HR 1747
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1747
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
- Advanced technology and technological innovations
- Banking and financial institutions regulation
- Computers and information technology
- Currency
- Financial services and investments
- Licensing and registrations
Alternate Title(s) of Bill HR 1747
Blockchain Regulatory Certainty Act
Blockchain Regulatory Certainty Act
Blockchain Regulatory Certainty Act
To provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services.
Comments
Sponsors and Cosponsors of HR 1747
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