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Eight leading crypto policy organizations based in Washington, DC, along with Uniswap and Jump, have called on the U.S. Congress to incorporate the Blockchain Regulatory Certainty Act (BRCA) into the CLARITY Act, a digital asset market structure bill, crypto journalist Eleanor Terrett reported.
This joint statement, which includes important organizations such as DeFi Education Fund, Coin Center, Solana Foundation's policy arm Solana Institute, Digital Chamber, Blockchain Association, Crypto Council for Innovation, Bitcoin Policy Institute and Paradigm, is considered a critical step in the industry.
The BRCA aims not to regulate software developers and infrastructure providers that do not store customer assets in the same way traditional financial institutions do, the statement said. The regulation was first introduced by GOP Majority Representative Tom Emmer and later became a bipartisan proposal with the support of Democratic Representative Ritchie Torres.
“It is critical that we do not treat open source developers like traditional financial institutions. BRCA draws that line clearly and protects innovation,” one policy leader told Terrett.
The joint statement made following the inclusion of BRCA in the final version of the bill included the following statements:
“We welcome the inclusion of the Blockchain Regulatory Certainty Act (BRCA) in the newly proposed version of the CLARITY Act. This is a meaningful step toward protecting peer-to-peer technology developers who do not control customer funds. The updated bill takes a balanced approach, building on FinCEN’s 2019 guidance that developers and infrastructure providers should not be regulated as money transmitters when they do not control customer funds.”
*This is not investment advice.