Eight crypto firms support adding the BRCA to the CLARITY Act to boost blockchain growth and regulatory clarity in the U.S. industry.
The Blockchain Regulatory Certainty Act (BRCA) is garnering increasing attention in the United States capital.
This measure is now included in the most recent iteration of the CLARITY Act.
Crypto Firms Leaders Acclaim BRCA’s Inclusion
Players in the cryptocurrency sector are delighted that BRCA has been incorporated into the CLARITY Act.
This update was adopted by Uniswap, Jump, and six other significant crypto sector organizations, as Eleanor Terret reported on X.
In a statement, they declared that this is a considerable accomplishment.
The BRCA is designed to protect individuals who are involved in the development of non-custodial blockchain technologies.
As stipulated in the law, these developers will not be subject to money transmitter regulations.
It was asserted that the bill resulted from the prior recommendations of the Financial Crimes Enforcement Network (FinCEN) six years ago.
That year, FinCEN determined that developers who do not manage users’ funds must not adhere to the same regulations as financial institutions.
To accomplish this, the measure has been revised to guarantee that the law is unambiguous.
The Blockchain Association, the DeFi Education Fund, the Solana Policy Institute, Paradigm, and Coin Center support the bill.
They believe this modification provides developers with a sense of security, but it does not compromise the regulations governing finances.
It then thanked several significant lawmakers, such as Chairman Hill, Chair Steil, Majority Whip Emmer, and Representative Torres, for supporting the measure.
These crypto firms ensured the BRCA was incorporated into the revised CLARITY Act.
BRCA In CLARITY Act, Big Step Forward For Blockchain Technology
Terrett, a journalist, emphasized the importance of the support provided by prominent crypto firms.
Peter Van Valkenburgh, the policy expert at Coin Center, provided additional details.
Additionally, he stated that the most recent iteration of the CLARITY Act corresponds with the primary components of the 2019 FinCEN guidance.
He also said that lawmakers who voted in favor of the modifications should be commended for achieving a significant milestone for non-custodial developers.
In the interim, the CLARITY Act remains subject to review and approval by Congress.
However, the BRCA confirms that a growing number of individuals are becoming more cognizant of the unique requirements of blockchain technology.
If implemented, the law could provide the United States with a competitive advantage in the cryptocurrency market and ensure consumer protection.
This is consistent with the increasing institutional confidence in cryptocurrency, as evidenced by Saylor’s Strategy’s recent high-profile Bitcoin investment.
A few days ago, it was reported that these crypto firms were actively attempting to incorporate the BRCA into the Clarity Act.
This new update is a testament to their diligent efforts.
