Promoting Innovation in Blockchain Development Act

Key Points

• This bill changes how the government defines an illegal money-sending business. It says that to be guilty of a crime, a person must actually have control over the money or digital value being moved.
• The main goal is to protect people who build blockchain technology and software. It ensures that developers aren't treated like banks or money transmitters just because they created the tools that other people use to trade digital currency.
• By making the law more specific, this change aims to keep tech jobs and innovation in the United States. It provides more legal safety for companies that create financial software but do not handle customer deposits themselves.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.