A democratic representative at the US Congress will support a Blockchain bill at a time when many left legislators block the elaborations related to the crypto due to the concerns concerning the potential conflicts of interest of President Donald Trump.
In an opinion of May 21, the minnesota representative, Tom Emmer, said that he had reintroduced the Blockchain Regulatory Certiagne Act, a bill which “solidifies that digital asset developers and service providers who do not relax consumer funds are not money issuers”. Emmer, a Republican, said a Democratic effort Ritchie Torres.
“The Blockchain Regulatory Ceretty Act reflects a thoughtful and bipartite effort to obtain the right policy of digital assets,” said Torres. “Although a similar language was elected in the last congress, we took this feedback seriously and came back with a more intelligent and sharper framework that protects innovation without compromising surveillance.”
Representatives of defense 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 regulatory bill. It was not clear if Emmer and Torres had a majority of votes in the House of Representatives for the legislation to be adopted.
Torres has supported numerous bills and policies favorable to cryptographic industry since he assumed his functions in 2021. With Emmer, he managed the Congressal Crypto Caucus to advance cryptographic policies in the Chamber since March.
A blockchain bipartite bill in the midst of Memecoin’s concerns?
Other Democratic members of the Chamber, including the representative Maxine Waters, suggested that they intended to block any legislation linked to crypto and blockchain until the Republicans approach Trump’s ties with industry, such as family participation in World Liberty Financial and his Trump Memecoin. The president plans to organize a dinner with up to 220 people holding the most important quantities of his same on May 22.
In relation: Interest groups, legislators to protest against Trump’s same dinner
Cointelegraph contacted the Torres office for comments but had not received an answer at the time of publication.
Review: Trump crypto companies raise conflicts of interest, initiate negotiation issues
