It has been known that Tom Emmer has been strongly toying with the idea of bringing back the bill that is aimed at registered entities. He wants to reintroduce the bill that requires all entities to get officially registered as a money transmitters. This is mandatory despite the entities do not manage customer assets.
Tom Emmer is a Congressman as well as a crypto-friendly politician who intends on circulating his previous bipartisan bill. This bill looks to enforce the need for a few crypto projects and businesses to be registered as VASPs or Service Providers for Virtual Assets. This has been a consideration since the calamity of the FTX collapse.
Crypto Protection Bill By Tom Emmer
Tom Emmer, along with Darren Soto, Democratic Congressman, had previously led another bill that was called the Certainty Act for Blockchain Regulation. This particular bill was discussed on 17th August 2021 at the 117th Congress table. However, it failed to get the approval required to become a bill.
Since then Emmer has shown enthusiasm for this new bill and thinks he has better chances this time. This is due to the present circumstance of the federal government of the US which is struggling to modify the regulation that might be able to stop another FTX kind of disaster.
Details And Guidelines Of Crypto Bill
This Emmer bill aims towards removing specific obstacles and mandatory rules for service providers and blockchain developers including DeFi or decentralized finance platforms, service providers, and miners. It was first drafted in June 2021 and Emmer was praised for extending support to the cryptocurrency community.
Elizabeth Warren, the crypto-skeptic Senator, had introduced Money Laundering Act against cryptocurrency. This bill wanted to enforce stricter regulations and transparency from wallet providers and miners. At the moment, everyone is looking toward Emmer’s bill.