{"id":527270,"date":"2022-12-15T06:36:06","date_gmt":"2022-12-15T03:36:06","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/rep-tom-emmer-mulls-bringing-back-bill-aimed-at-reducing-crypto-red-tape\/"},"modified":"2022-12-15T06:36:06","modified_gmt":"2022-12-15T03:36:06","slug":"rep-tom-emmer-mulls-bringing-back-bill-aimed-at-reducing-crypto-red-tape","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/rep-tom-emmer-mulls-bringing-back-bill-aimed-at-reducing-crypto-red-tape\/","title":{"rendered":"# Rep. Tom Emmer mulls bringing back bill aimed at reducing crypto red tape"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2624b6828f6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2624b6828f6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/rep-tom-emmer-mulls-bringing-back-bill-aimed-at-reducing-crypto-red-tape\/#%E2%80%9D_Rep_Tom_Emmer_mulls_bringing_back_bill_aimed_at_reducing_crypto_red_tape_%E2%80%9C\" >&#8221; Rep. Tom Emmer mulls bringing back bill aimed at reducing crypto red tape &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/rep-tom-emmer-mulls-bringing-back-bill-aimed-at-reducing-crypto-red-tape\/#Bills_bills_everywhere\" >Bills, bills everywhere<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Rep_Tom_Emmer_mulls_bringing_back_bill_aimed_at_reducing_crypto_red_tape_%E2%80%9C\"><\/span>&#8221; Rep. Tom Emmer mulls bringing back bill aimed at reducing crypto red tape &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvOWU0OTA5ZTAtMGQxNy00ZDE0LWI0MjYtMTQ3MGZmOWY0MDZhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>Crypto-friendly Congressman Tom Emmer is considering re-floating a bipartisan bill that would lift the requirement for certain crypto businesses and projects to register as Virtual Asset Service Providers (VASPs) in the wake of the FTX collapse.\u00a0<\/p>\n<p>The bill titled \u201cBlockchain Regulatory Certainty Act\u201d was led by Republican Emmer and Democratic Congressman Darren Soto. It was initially <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/5045?r=14&amp;s=1\">tabled<\/a> at the 117th congress on Aug. 17, 2021, but did not make it any further down the line.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Probably a good time to re-up my bipartisan Blockchain Regulatory Certainty Act.<\/p>\n<p>The bill asserts that blockchain entities that never custody consumer funds are not money transmitters\u2026 providing necessary legal certainty to ensure the future of crypto reflects American values.<\/p>\n<p>\u2014 Tom Emmer (@RepTomEmmer) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepTomEmmer\/status\/1603044153763454976?ref_src=twsrc%5Etfw\">December 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Emmer may be liking his chances a bit more the second time around given the current climate in which the U.S. government is scrambling to get regulation off the ground to prevent another FTX-style disaster.<\/p>\n<p>Tweeting on Dec. 15, Emmer noted that it&#8217;s \u201cprobably a good time\u201d to re-introduce the bill, adding that: <\/p>\n<blockquote><p>\u201cThe bill asserts that blockchain entities that never custody consumer funds are not money transmitters\u2026 providing necessary legal certainty to ensure the future of crypto reflects American values.\u201d<\/p><\/blockquote>\n<p>The bill itself <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/emmer.house.gov\/2021\/8\/emmer-introduces-legislation-to-provide-clarity-for-blockchain-innovators\">aims<\/a> to set out guidelines that remove certain hurdles and requirements for \u201cblockchain developers and service providers\u201d such as miners, multi-signature service providers and decentralized finance (DeFi) platforms.<\/p>\n<p>It was put forward in response to a June 2021 draft guidance from the Financial Action Task Force (FATF) that was pushing to expand the definition of virtual asset services providers (VASPs) to include \u201cany provider that may develop or operate a DeFi platform, even if they have no interaction with users.\u201d<\/p>\n<p>While a number of U.S. politicians have been taking the liberty to attack crypto alongside the FTX collapse, during the House Financial Services Committee hearing this week, Emmer hasnotably praised the crypto community for using blockchain tech to uncover key info on the firm\u2019s operations. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bills_bills_everywhere\"><\/span>Bills, bills everywhere<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On the other end of the political spectrum, crypto-skeptic Senator Elizabeth Warren has introduced the Digital Asset Anti-Money Laundering Act of 2022 on Dec. 14, alongside Senator Roger Marshall.<\/p>\n<p>The bill essentially seeks to stop financial institutions from using privacy tools such as crypto mixers and mandate crypto firms to follow the same money-laundering rules as banks, a well as regulating crypto kiosks (ATMs). <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>US senator calls on SEC&#8217;s Gensler to answer for &#8216;regulatory failures&#8217;<\/em><\/strong><\/p>\n<p>It would also require miners, custodial and self-custodial wallet providers to implement know-your-customer (KYC) controls.<\/p>\n<p>Senator Cynthia Lummis, a known hodler and Bitcoin proponent has of course criticized the bill, arguing that such KYC requirements won\u2019t work within the context of crypto. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Requiring open source developers to build AML\/KYC into node software and hardware wallets? That dog won\u2019t hunt.<\/p>\n<p>\u2014 Cynthia Lummis  (@CynthiaMLummis) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CynthiaMLummis\/status\/1603114663847362561?ref_src=twsrc%5Etfw\">December 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On Dec. 14, Lummis herself also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/us-senator-warren-says-crypto-industry-should-follow-money-laundering-rules-2022-12-14\/\">outlined<\/a> that she intends to re-introduce a bill that would hand over most of the authority of crypto to the Commodity Futures Trading Commission (CFTC), as opposed to the Securities and Exchange Commission, which Warren among others are pushing for.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Tom Emmer mulls bringing back bill aimed at reducing crypto red tape &#8220; Crypto-friendly Congressman Tom Emmer is considering re-floating a bipartisan bill that would lift the requirement for certain crypto businesses and projects to register as Virtual Asset Service Providers (VASPs) in the wake of the FTX collapse.\u00a0 The bill titled \u201cBlockchain&#8230;<\/p>\n","protected":false},"author":1,"featured_media":527271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/9e4909e0-0d17-4d14-b426-1470ff9f406a.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,135234,89897,75269,70934,70289],"class_list":["post-527270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-ftx","tag-sam-bankman-fried","tag-us-government","tag-regulation","tag-senate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/527270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=527270"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/527270\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/527271"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=527270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=527270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=527270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}