Referred to the House Committee on Financial Services.
The bill creates a federal safe harbor so that blockchain developers and providers of blockchain services are not treated as money transmitters, financial institutions, or subject to other licensing or registration requirements unless they have unilateral control over users' digital assets.
It defines key terms including blockchain developer, network, service, control, and digital asset.
The bill preserves intellectual property law, allows States to enforce consistent laws, and prohibits liability under State or local laws that are inconsistent with the safe harbor.
Narrow, low-cost deregulatory bill improves odds in one chamber but faces steeper Senate hurdles and regulatory/state pushback.
Relative to its intended legislative type, this bill provides a clear purpose and a concrete statutory safe harbor with defined terms, but supplies limited implementation, enforcement, fiscal, and edge-case detail.
Progressives emphasize consumer protection and AML risks
Progressives emphasize consumer protection and AML risks
Generally favorable to legal clarity and innovation, but wary about weakening consumer protections and anti‑money‑laundering (AML) enforcement.
Concerned the safe harbor plus preemption could limit state consumer remedies and regulatory authority.
Would seek protections for users and stronger safeguards against illicit finance.
Sees the bill as useful legal clarity that could reduce needless regulatory burdens while enabling oversight where providers truly control assets.
Wants clearer, testable definitions and built‑in safeguards against illicit finance and consumer harm.
Likely supportive if narrow gaps are closed and review mechanisms added.
Strongly favorable: reduces federal/state overreach and regulatory burdens on developers, fosters innovation, and creates national uniformity.
Prefers minimizing regulation that might chill technology development.
Likely to support the bill as written, subject to ensuring it does not create new federal constraints.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Narrow, low-cost deregulatory bill improves odds in one chamber but faces steeper Senate hurdles and regulatory/state pushback.
The bill has not accumulated any surfaced votes yet.
Progressives emphasize consumer protection and AML risks
Narrow, low-cost deregulatory bill improves odds in one chamber but faces steeper Senate hurdles and regulatory/state pushback.
Relative to its intended legislative type, this bill provides a clear purpose and a concrete statutory safe harbor with defined terms, but supplies limited implementation, enforcement, fiscal, and edge-case detail.
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.