Blockchain Regulatory Certainty Act

This bill, H.R. 3533, also known as the "Blockchain Regulatory Certainty Act," is considered pro-crypto for the following reasons:

• It provides a "safe harbor" from licensing and registration requirements for non-controlling blockchain developers and providers of blockchain services.
• It specifies that these entities will not be treated as a "money transmitter," "financial institution," or subject to other State or Federal legal designations requiring licensing or registration, unless they have control over users' digital assets.
• The bill defines "control" as the unilateral and independent legal right or ability to initiate transactions spending digital assets without requiring third-party approval.
• This distinction aims to reduce regulatory burdens and foster innovation in the blockchain space by clarifying that entities not holding control over user funds are not subject to the same regulations as traditional financial intermediaries.