US lawmakers introduce bill exempting crypto firms that don’t hold users’ coins

posted about 1 month ago
US 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 key issue is that “only custodians present a risk of loss that would be sensibly addressed through licensing,” the group wrote at the time. According to congress.gov, the bill has been referred to the Judiciary committee as well as the Financial Services committee.
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