Blockchain Regulatory Certainty Act

This bill, titled the Blockchain Regulatory Certainty Act , aims to provide a safe harbor for certain participants in the blockchain ecosystem. It specifies that a blockchain developer or provider of a blockchain service will not be treated as a money transmitter, a financial institution, or subject to other State or Federal licensing and registration requirements. This protection applies only if the developer or provider does not, in the regular course of business, have control over the digital assets to which a user is entitled. Control is defined as the unilateral and independent legal right or ability to initiate transactions spending digital assets without requiring approval from any other third party. The bill also clarifies that it does not limit or expand intellectual property law and allows States to enforce consistent laws, while precluding inconsistent State or local laws.