© Reuters. U.S. Representative Tom Emmer wants to boost crypto companies which may be impacted by state-level money transmission laws with a bill aimed at creating exceptions for firms which do not store any coins.
House Resolution 528, which aims “to provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services,” would allow companies which use or trade cryptocurrencies but do not hold users’ coins to be exempt from money transmission laws if passed.
The bill is identical to one Emmer introduced last year with the 115th Congress, though there are a few key differences which may ensure its passage through the House – or at least give it a boost. The first is that unlike its previous iteration, the bill now has bipartisan support, a spokesperson for the Congressman told CoinDesk.
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