Is Congress About to Make Crypto Crypto Legal?
It looks like Congress might finally be getting serious about crypto – but not in the way you might expect. US Congressman Lance Gooden from Texas has introduced a bill that might finally ensure that blockchain developers and non-custodial services are not considered money transmitters.
The bill, HR 8579, would make it clear that services that are not being used to transmit money are exempt from having to obtain the costly money transmitter’s license. This could finally lay the groundwork for blockchain developers and others to operate with some legal certainty.
What Does It Mean?
In a nutshell, the proposed law is a big step forward in normalizing blockchain development and non-custodial services. Currently, individuals and companies operating in this space often end up playing a legal game of chicken as they attempt to find out just how far they can go without being considered a money transmitter.
While this bill isn’t a panacea, it’s a start. For those who are hoping to develop innovative applications within the crypto space, this could make it much easier to participate without having to worry about the cost and hassle of getting a money transmitter’s license.
The Real Scoop
As to be expected, the bill has its share of skeptics. Some have argued that the bill’s language is too open-ended, and that it could create more confusion than clarity. Others have argued that the bill is too focused on blockchain developers and not enough on the services themselves, which could result in a situation where non-custodial services aren’t truly protected.
These concerns should be taken seriously. But it’s also true that this bill is a step in the right direction. It’s a sign that Congress is beginning to take the crypto space much more seriously, and is finally trying to take steps to provide clear legal guidance and support to those operating within it.
At the end of the day, this bill could have a hugely positive impact on blockchain development and non-custodial services. It’s a start, and one that should be welcomed by those in the industry. Put simply, the future of crypto just got a little bit brighter!
So, will Congress finally make crypto legal? We’ll just have to wait and see. But for now, the prospects look good. And with the support of lawmakers like Congressman Lance Gooden, the crypto industry should have a bright future ahead!
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