Promoting Innovation in Blockchain Development Act

This bill, titled the Promoting Innovation in Blockchain Development Act, proposes a significant amendment to Section 1960(a) of Title 18, United States Code . The core change involves inserting specific language into the existing statute, clarifying the scope of what constitutes an unlicensed money transmitting business. Specifically, it adds that an entity must "knowingly exercises control over currency, funds, or other value that substitutes for currency" to fall under the purview of this section. This modification aims to update federal law to address evolving financial technologies, particularly those involving digital assets and blockchain . By explicitly including "value that substitutes for currency," the bill seeks to ensure that businesses dealing with cryptocurrencies and similar digital assets are appropriately regulated under existing money transmitting laws, thereby promoting innovation while maintaining regulatory clarity.