Blockchain Regulatory Certainty Act

Hozzl · 2024-05-24T13:41:32Z

Explore the details of House Bill 1747 Blockchain Regulatory Certainty Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

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.

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.

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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