Bill Summary
The "Promoting Innovation in Blockchain Development Act" seeks to amend Section 1960(a) of Title 18 of the United States Code, which deals with illegal money transmission. The amendment specifies that the law applies to individuals or entities that "exercise control over currency, funds, or other value that substitutes for currency." This change aims to clarify the legal framework surrounding digital currencies and blockchain technology, potentially fostering innovation in the sector by providing clearer guidelines for compliance and regulation.
Possible Impacts
The "Promoting Innovation in Blockchain Development Act," as described, seeks to amend existing legislation regarding the control and regulation of digital currencies and assets. Here are three examples of how this amendment could affect people:
1. **Increased Clarity for Blockchain Businesses**: The amendment clarifies the legal definition of what constitutes control over digital currencies or assets. This could provide clearer guidelines for blockchain startups and businesses operating in the cryptocurrency space, reducing legal ambiguity. As a result, these businesses may more confidently innovate and expand, potentially leading to job creation and economic growth in the tech sector.
2. **Consumer Protection and Fraud Prevention**: By defining the control over digital currencies, the amendment could enhance regulatory oversight of cryptocurrency exchanges and platforms. This could lead to better consumer protection measures, as companies may be required to implement stronger anti-fraud measures and transparency protocols. Consumers would benefit from increased safety and security when using or investing in digital currencies.
3. **Impact on Law Enforcement**: The amendment could provide law enforcement agencies with clearer criteria for identifying and prosecuting illegal activities involving digital currencies. This could lead to more effective combating of money laundering and other financial crimes, thereby enhancing overall financial security for individuals and businesses. However, it might also lead to increased scrutiny of legitimate cryptocurrency transactions, potentially deterring some users from engaging with digital currencies out of fear of regulatory repercussions.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7732 Introduced in House (IH)]
<DOC>
119th CONGRESS
2d Session
H. R. 7732
To amend section 1960(a) of title 18, United States Code.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 26, 2026
Mr. Fitzgerald (for himself, Ms. Lofgren, and Mr. Cline) introduced the
following bill; which was referred to the Committee on the Judiciary
_______________________________________________________________________
A BILL
To amend section 1960(a) of title 18, United States Code.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Promoting Innovation in Blockchain
Development Act''.
SEC. 2. AMENDMENT TO SECTION 1960 OF TITLE 18.
Section 1960(a) of title 18, United States Code, is amended by
inserting ``exercises control over currency, funds, or other value that
substitutes for currency, and'' after ``Whoever knowingly''.
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