Bill > HR3533

This bill provides a safe harbor from licensing and registration requirements for blockchain developers and service providers who do not have direct control over users' digital assets. Specifically, blockchain developers and service providers would be exempt from being classified as money transmitters, financial institutions, or other regulated entities that require licensing, as long as they do not have unilateral control over the digital assets of users. The bill defines key terms such as "blockchain network" (a system of networked computers reaching consensus without proprietary licensing), "blockchain service" (a system enabling access to blockchain networks), and "control" (the independent ability to initiate transactions without third-party approval). The legislation ensures that intellectual property laws remain unaffected and allows states to enforce consistent laws, while preventing enforcement of state laws that conflict with the bill's provisions. By providing this regulatory clarity, the bill aims to reduce legal uncertainty for blockchain technology innovators and promote the development of blockchain-related services without imposing unnecessary regulatory burdens on developers who do not directly manage or control user assets.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3533/all-info