A Democratic representative in the US Congress will support a blockchain bill at a time when many left-leaning lawmakers are blocking crypto-related pieces of legislation due to concerns with President Donald Trumps potential conflicts of interest.In a May 21 notice, Minnesota Representative Tom Emmer said he had reintroduced the Blockchain Regulatory Certainty Act, a bill that solidifies that digital asset developers and service providers that do not custody consumer funds are not money transmitters.
Emmer, a Republican, said Democratic Representative Ritchie Torres would co-lead the bill, making it a bipartisan effort in Congress.The Blockchain Regulatory Certainty Act reflects a thoughtful, bipartisan effort to get digital asset policy right, said Torres.
While similar language was voted down in markup last Congress, we took that feedback seriously and returned with a smarter, sharper framework that protects innovation without compromising oversight.Reintroducing the Blockchain Regulatory Certainty Act on May 21.
Source: Tom EmmerRepresentatives of advocacy organizations, including the Crypto Council for Innovation, Solana Policy Institute, Digital Chamber, Coin Center, DeFi Education Fund and Blockchain Association, said they would support the proposed blockchain regulatory bill.
It was unclear whether Emmer and Torres had a majority of votes in the House of Representatives for the legislation to pass.
Torres has supported many bills and policies favorable to the crypto industry since assuming office in 2021.
Together with Emmer, he has led the Congressional Crypto Caucus to advance crypto-friendly policies in the House since March.Other Democratic House members, including Representative Maxine Waters, have suggested they intend to block any legislation related to crypto and blockchain until Republicans address Trumps connections to the industry, such as his familys stake in World Liberty Financial and his TRUMP memecoin.
The president is planning to host a dinner with up to 220 people holding the most significant amounts of his memecoin on May 22.Related: Interest groups, lawmakers to protest Trumps memecoin dinnerCointelegraph reached out to Torres office for comment but had not received a response at the time of publication.Magazine: Trumps crypto ventures raise conflict of interest, insider trading questions