Blockchain Regulatory Act's final step before heading to the House's full chamber

18 Jan, 2019 | Updated: 18 Jan, 2019
by Fifi Arisandi
Regulation
Blockchain Regulatory Act's final step before heading to the House's full chamber

The Blockchain Regulatory Certainty Act is sent to House Banking Committee and the House Judiciary Committee for a review. 

The suite of bills drafted by Republican Congressman, Tom Emmer last September, which is also known as the Blockchain Regulatory Certainty Act is now entering the last step before being sent to the full chamber of the House of Representatives, as reported by Bitsonline.

According to the Congress’ official website, Congress.com, the Act is currently referred to the House Banking Committee and the House Judiciary Committee for a review, with the possible outcomes of either additions of provisions or complete cut downs.

The announcement refers to the Act as H.R.528 and describes its goal as “To provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services”.

It’s too early to determine if the H.R.528 will be able to make impacts as it still has a long journey ahead. After facing Democrate-controlled House Banking Committee and the House Judiciary Committee, if it passes, it will deal with another Democrate-controlled House of Representatives for another screening.

If the Act makes it, it will then on the hand of Republican-controlled Senate for a final vote, before eventually it would be up to President Trump to approve or veto it.

Would the Blockchain Regulatory Act succeed? Stay with Chepicap for updates.

Read more: New suite of bills dealing with crypto submitted to Congress

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