A handful of key crypto policy advocacy organizations are celebrating the successful inclusion of the novel Blockchain Regulatory Certainty Act (BRCA) into the larger digital asset market structure legislation known as the CLARITY Act, a June 9 statement from the policy heavyweights states.
Crypto Heavyweights Join Forces
A Monday statement signed by the DeFi Education Fund, Coin Center, Solana Policy Institute, The Digital Chamber, Blockchain Association, Crypto Council for Innovation, Paradigm, and Bitcoin Policy Institute thanks Congressmen French Hill (R-AR), Bryan Steil (R-WI), Tom Emmer (R-IN), and Ritchie Torres (D-NY) for incorporating BRCA into the CLARITY Act.
“We are pleased to see the Blockchain Regulatory Certainty Act (BRCA) included in the newly introduced version of the CLARITY Act,” the policy groups state.
“This is a meaningful step toward protecting developers of noncustodial, peer-to-peer technologies while maintaining strong oversight of custodial financial institutions,” they add.
Inside BRCA: What the Bill Actually Does
News of BRCA’s latest advancement comes just days after the crypto policy organizations joined together to push for its inclusion in the high-profile digital asset legislation.
If passed, BRCA would certify that crypto software developers will not be treated as financial entities under the Bank Secrecy Act.
“As much-needed digital asset regulation develops in the United States, it is critically important to remember that developers creating peer-to-peer, noncustodial software and the infrastructure providers who enable decentralized networks have little in common with traditional financial institutions and should not be treated as such,” a June 5 statement reads in part.
Meanwhile, the CLARITY Act would provide digital asset market participants with a clear crypto regulatory framework and is scheduled for a markup by the House Financial Services Committee (HFSC) on Tuesday afternoon.
“By providing strong safeguards and long-overdue regulatory certainty, the legislation advances American innovation and reinforces America’s leadership in the global financial system,” a fact sheet from the HFSC reads.
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