A democratic representative of the US Congress will support a blockchain law at a time when many left-wing legislators block crypto-related laws because of concerns regarding the potential conflicts of interest from President Donald Trump.
In a message on May 21, Minnesota representative Tom Emmer said that he had reintroduced the blockchain law to certainty, a legislative template that “consolidates that Digital Asset Developers and Service providers who don’t do custody consumer funds aren’t transmission of cash.” Emmer, a Republican, told the democratic representative Ritchie Torres, who did the accounting.
“The blockchain law for the regulatory certainty reflects a thoughtful, cross -party efforts to correct the rules for digital assets,” said Torres. “While an identical language was voted out within the Markup Last Congress, we took this feedback seriously and returned with a more intelligent, sharper framework that protects innovation without compromise.”
Returning the blockchain regulatory security act on May 21. Source: Tom Emmer
Representatives of interest organizations, including the Crypto Council for Innovation, Solana Policy Institute, Digital Chamber, Coin Center, Defi Education Fund and Blockchain Association, said they might support the proposed blockchain law draft. It was unclear whether Emmer and Torres had a big a part of the votes within the House of Representatives to adopt laws.
Since his assumption in 2021, Torres has supported many bills and guidelines which are favorable for the crypto industry. Together with Emmer, he has led the Congress crypto-caucus to advertise crypto-friendly guidelines in the home since March.
A cross -party blockchain calculation in the midst of Memecoin concerns?
Other members of the Democratic House, including representative Maxine Waters, have proposed to dam all laws related to crypto and blockchain until the Republicans appeal to Trump's connections to the industry, corresponding to the participation of his family in World Liberty Financial and his Trump -Memecoin. The President plans to prepare a dinner with as much as 220 people on May twenty second.
Cointelegraph turned to Torres' office for a comment, but had not received a solution on the time of publication.
