Promotes innovation in blockchain development by amending the definition of racketeering in the U.S. Code.
The Promoting Innovation in Blockchain Development Act amends section 1960(a) of title 18, United States Code, to include blockchain technology in the definition of racketeering. This change aims to clarify the legal status of blockchain operations, ensuring they are not inadvertently classified as illegal activities. The amendment specifies that exercising control over currency, funds, or value substitutes for currency through blockchain technology is now explicitly included in the definition.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.