Source: Cointelegraph
Original: “U.S. Lawmaker Reintroduces Bill Amid Resistance to Trump’s Cryptocurrency Ties”
At a time when most left-wing lawmakers are obstructing cryptocurrency-related legislation due to concerns over potential conflicts of interest involving President Trump, a Democratic representative in the U.S. Congress has chosen to support a blockchain bill.
According to an announcement on May 21, Minnesota Representative Tom Emmer has reintroduced the “Blockchain Regulatory Certainty Act,” which “clearly states that digital asset developers and service providers that do not hold consumer funds are not classified as money transmitters.” Republican Emmer stated that Democratic Representative Ritchie Torres will co-lead the bill, making it a bipartisan effort in Congress.
“The ‘Blockchain Regulatory Certainty Act’ embodies a thoughtful bipartisan effort aimed at establishing the right digital asset policies,” Torres said. “Although the last Congress rejected similar content in a marked vote, we have taken that feedback seriously and proposed a smarter, more precise framework that protects innovation while not compromising regulation.”
Representatives from various advocacy organizations, including the Crypto Innovation Council, Solana Policy Research Institute, Digital Chamber of Commerce, Coin Center, DeFi Education Fund, and Blockchain Association, have expressed their support for the proposed blockchain regulatory bill. It remains unclear whether Emmer and Torres can secure enough votes in the House to pass the bill.
Since taking office in 2021, Torres has actively supported several bills and policies favorable to the cryptocurrency industry. Since March of this year, he has co-led the Congressional Cryptocurrency Caucus with Emmer, promoting pro-crypto policies in the House.
Other Democratic House members, including Representative Maxine Waters, have made it clear that they plan to block any legislation related to cryptocurrency and blockchain until Republicans address Trump’s ties to the industry, such as his family’s stake in World Liberty Financial and the TRUMP meme coin he issued. Reports indicate that the President plans to host a dinner on May 22, inviting the 220 individuals who hold the most of his meme coins.
Cointelegraph has reached out to Torres' office for comment but has not received a response as of publication time.
Related: Theta Capital Raises $175 Million to Support Early Blockchain Startups
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