MEXCEight Crypto Firms Show Support for BRCA’s Inclusion in CLARITY Act
Highlights
- Several crypto entities, like Uniswap, Jump, and the Solana Policy Institute, praise the addition of the Blockchain Regulatory Certainty Act (BRCA) in the CLARITY Act.
- Under the BRCA, anyone who creates non-custodial blockchain technology will not be considered a money transmitter in the US.
- Those in the industry and those in charge of laws consider this inclusion to be crucial for promoting creativity while guarding the financial system.
The Blockchain Regulatory Certainty Act (BRCA) is receiving growing interest in the US capital. The latest version of the CLARITY Act now lists this bill.
Crypto Industry Leads Applauds BRCA’s Inclusion
Players in the crypto industry are happy that BRCA is now part of the CLARITY Act. As shared by Eleanor Terret on X, this update was embraced by Uniswap, Jump, and six other major organizations in the crypto field. They declared in a statement that this is an important achievement.
The BRCA is made to safeguard persons working on non-custodial blockchain technologies. According to the bill, those developers won’t be governed as money transmitter rules.
It stated that the bill comes out of prior recommendations made by the Financial Crimes Enforcement Network (FinCEN) six years ago. That year, FinCEN concluded that developers who do not handle users’ funds do not have to follow the same regulations as financial institutions. To achieve that, the bill has been updated to ensure the law is clear about it.
Groups backing the bill are Coin Center, Paradigm, Solana Policy Institute, the DeFi Education Fund, and the Blockchain Association. They figure that such a change makes developers feel secure, but it doesn’t loosen the rules governing finances.
It went on to thank some important lawmakers, including Chairman Hill, Chair Steil, Majority Whip Emmer, and Representative Torres, who supported the bill. They assisted in making sure the BRCA was included in the later form of the CLARITY Act.
BRCA in CLARITY Act Marks a Milestone for Blockchain Innovation
Journalist Terrett mentioned that the support from top crypto organizations was very significant. Coin Center’s policy expert, Peter Van Valkenburgh, gave more specific information.
He also said that the latest version of the CLARITY Act matches the key points of the 2019 FinCEN guidance. He further mentioned that lawmakers who voted for the changes should be praised for making this a big milestone for non-custodial developers.
Meanwhile, Congress still needs to review and approve the CLARITY Act. But the BRCA confirms that many are becoming more aware of blockchain’s particular requirements.
If enacted, the law may give the US an edge in crypto and guarantee the safety of consumers. This aligns with growing institutional confidence in crypto as seen in a recent high-profile Bitcoin investment by Saylor’s Strategy.
It was reported a few days back that these crypto groups were actively trying to add the BRCA to the Clarity Act. Their hard work is shown through this new update.
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