In a bold legislative maneuver, Minnesota Representative Tom Emmer has revived the Blockchain Regulatory Certainty Act, marking a significant moment for the cryptocurrency landscape in the United States. Reintroduced on May 21, the bill aims to clarify the status of digital asset developers and service providers, particularly those that do not hold consumer funds, as non-money transmitters. This move comes amid a flurry of resistance from some Democratic lawmakers, who are wary of potential conflicts of interest involving former President Donald Trump’s entanglements with the crypto sector. As explored in U.S. Congress Braces for Intense Debate Over Crypto Legislation This Summer, the legislative environment is set for a heated discussion as summer approaches.
A Bipartisan Push for Clarity
Despite the political tension, Emmer, a Republican, has secured Democratic Representative Ritchie Torres as a co-sponsor, signaling a rare bipartisan effort in Congress. Torres, who has been a vocal advocate for crypto-friendly policies since taking office in 2021, emphasized the bill’s intent to foster innovation while maintaining necessary oversight. “The Blockchain Regulatory Certainty Act reflects a thoughtful, bipartisan effort to get digital asset policy right,” Torres said, highlighting the bill’s evolution following previous legislative hurdles.
The bill’s resurgence is met with support from key industry players, including the Crypto Council for Innovation and the Blockchain Association. Yet, the broader acceptance of the bill remains uncertain, as it navigates the intricate dynamics of a divided House of Representatives.
The Trump Connection
Shadowing this legislative effort is the specter of Trump’s involvement in the crypto world, which has ignited a political firestorm. Democratic Representative Maxine Waters and others have voiced intentions to stall crypto-related legislation until the former president’s ties to the industry are addressed. Trump’s interests, notably his family’s stake in World Liberty Financial and the controversial TRUMP memecoin, have raised eyebrows and fueled debates on potential conflicts of interest. Trump’s Crypto Sherpa Bo Hines Says Crypto Legislation on Target for Quick Completion provides further insight into how Trump’s influence might expedite legislative processes.
These concerns culminate today with Trump hosting a high-profile dinner for the top holders of his memecoin, an event that has drawn both criticism and curiosity. The gathering, set for May 22, underscores the complex interplay between political clout and digital currency ventures—a connection that some lawmakers argue could muddy legislative waters.
Uncertain Path Ahead
While Emmer and Torres push forward, the path to enacting the Blockchain Regulatory Certainty Act is fraught with uncertainty. The legislative landscape is peppered with skepticism, particularly from those wary of crypto’s opacity and Trump’s influence. Yet, the duo’s commitment to a “smarter, sharper framework” suggests a determination to bridge divides, even as they navigate the political undercurrents.
The implications of this bill stretch beyond immediate policy changes. It represents a litmus test for how the U.S. will approach crypto regulation amid global calls for clarity and uniformity in digital asset management. As lawmakers wrestle with these issues, the industry watches closely, aware that the outcome could set precedents for future digital asset governance.
As the discussions continue, the focus remains on whether Emmer and Torres can rally the necessary support to pass their bill. Their effort, set against a backdrop of political intrigue and market volatility, raises larger questions about the future of cryptocurrency regulation in the United States. Will this bipartisan endeavor succeed in paving the way for a balanced, innovative approach? Only time will tell, but the stakes have never been higher.
Source
This article is based on: US lawmaker reintroduces bill amid pushback on Trump’s crypto ties
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
