This bill creates an exemption from federal and state money transmitter licensing requirements for blockchain developers and service providers who do not actually control users' digital assets. Under current law, these businesses may be treated as financial institutions requiring licenses and registration; this legislation protects them from those requirements as long as they lack control over the cryptocurrency or digital assets their users hold. The bill specifies that "control" means the unilateral ability to spend a user's digital assets without approval from others, so companies that merely provide software or infrastructure—like wallet developers or blockchain validators—would be exempt. The law does not change intellectual property regulations or prevent states from enforcing laws consistent with this exemption, meaning states could still impose their own blockchain regulations as long as they align with the federal safe harbor. There is no specific funding authorization or implementation timeline included in the legislation.
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