A democratic representative in the US Congress will support a blockchain bill at a time that many left legislators are blocking the crypto -related laws due to concerns over President Donald Trump’s potential conflicts of interest.
In a notice of May 21, Minnesota representative Tom Emmer Says He presented the Blockchain Regulatory Cantiintty Act, a bill that “strengthened digital asset developers and service providers who did not care for consumer funds were not currency transmitters.” Emmer, a Republican, said democratic representative Ritchie Torres would read the bill, making it an effort of the Bipartisan in Congress.
“The Blockchain Regulatory Ciintainty Act reflects a thoughtful, Bipartisan effort to get the digital asset policy correctly,” Torres said. “While a similar language was voted in Markup Last Congress, we seriously feedback and return with a smarter, more sharp framework that protects the change without compromising the administration.”
Representatives of advocacy organizations, including the Crypto Council for Innovation, Solana Policy Institute, Digital Chamber, Coin Center, Defi Education Fund and Blockchain Association, said they would support the proposed Blockchain Regulation bill. It is unclear if Emmer and Torres have most of the Votes in the House of Representative to pass the law.
Torres has supported many bills and policies that are desired in the crypto industry from the supposed office in 2021. With Emmer, he has led the congressional crypto caucus To promote the rules of friendly crypto at home since March.
A bipartisan blockchain bill amidst concerns?
Other members of the democratic home, including representative Maxine Waters, have suggested they Intention to block any law Crypto and Blockchain relates until Republicans meet Trump’s connections to the industry, such as his family’s stake at World Liberty Financial and his Trump Memecoin. The president plans to hold a dinner with up to 220 people holding the most important amount of his Memecoin on May 22.
Related: Interest groups, legislators to protest Trump’s memecoin dinner
Cointelegraph reached Torres’ office to comment but did not receive a response at the time of publication.
Magazine: Crypto adventures of Trump’s crypto raises conflict of interest, insider trading questions
