New bill in the U.S. House Judiciary Committee directed specifically at software developers and blockchain providers
The bill would provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services.
Special thanks to Lori Ann Fox for her alerting the Blockchain Committee of the pending bill.
It is not clear if this bill is directed to the recent Vermont law regarding blockchain-based LLC's (BBLLC). In that Vermont law, developers of the blockchain and/or smart contracts would have to be identified.
Here are some particulars about the bill:
This Act may be cited as the "Blockchain Regulatory Certainty Act". SEC. 2. SAFE HARBOR FOR NON-CONTROLLING BLOCKCHAIN DEVELOPERS AND PROVIDERS OF BLOCKCHAIN SERVICES. (a) PROTECTION FOR NON-CONTROLLING BLOCKCHAIN SERVICES AND SOFTWARE DEVELOPERS.--No blockchain developer or provider of a blockchain service shall be treated as a money transmitter (as defined under State licensing laws, section 1960 of title 18, United States Code, and section 1010.100 of title 31, Code of Federal Regulations), money services business (as defined under section 1010.100 of title 31, Code of Federal Regulation), financial institution (as defined under section 5312 of title 31, United States Code), or any other State or Federal legal designation requiring licensing or registration as a condition to acting as a blockchain developer or provider of a blockchain service, unless the developer or provider has, in the regular course of business, control over digital currency to which a user is entitled under the blockchain service or the software created, maintained, or disseminated by the blockchain developer. (1) BLOCKCHAIN NETWORK.--The term "blockchain network" means any system of networked computers that cooperates to reach consensus over the state of a computer program and allows users to participate in the consensus-making process without the need to license proprietary software or obtain permission from any other user. The term includes, specifically, a public network of computers that cooperates to reach consensus over the state of a distributed ledger describing transactions in a digital currency. (2) BLOCKCHAIN DEVELOPER.--The term "blockchain developer" means any person or business that creates, maintains, or disseminates software facilitating the creation or maintenance of a blockchain network or a blockchain service. (3) BLOCKCHAIN SERVICE.--The term "blockchain service" means any information, transaction, or computing service or system that provides or enables access to a blockchain network by multiple users, including specifically a service or system that enables users to send, receive, exchange, or store digital currencies described by blockchain networks. (5) DIGITAL CURRENCY.--The term "digital currency" means a medium of exchange, a unit of account, or a store of value that is represented by entries in a distributed ledger generated by a blockchain network.
You can read more about the bill here.