A bill titled “H.R. 528 – To provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services,” was introduced in House, on Monday, Jan. 14th 2019, by Republican -Tom Emmer, the U.S. Representative for Minnesota’s 6th congressional district and co-sponsored by Democrat -Darren Soto, the U.S. Representative for Florida’s 9th district, in a bipartisan effort.
The bill after it becomes a law will offer certain exemptions in state securities laws to entities providing non-custodial wallet services.
Last Year in Mar. 2018, Tom Emmer, who is also a member of the Congressional Blockchain Caucus, in a co-authored letter to the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC), wrote that the US should be the home to the blockchain tech and should embrace these new emerging digital technologies with arms wide open. The federal agencies should adopt a deliberate, flexible and unified approach to regulation, for cryptocurrencies and Blockchain technology to flourish.
Following this, in September 2018, Emmer announced his plans to introduce three bills supporting blockchain technology and cryptocurrencies, titled, the “Resolution Supporting Digital Currencies and Blockchain Technology,” the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act,” the latter was introduced recently in the House.