In a most audacious display of legislative gallantry, U.S. lawmakers are galloping forth with a bill that promises to shield non-custodial crypto developers from the clutches of bureaucratic overreach, thereby unlocking the gates of innovation and securing America’s blockchain future—whatever that may entail. 🏇💼
On the 21st of May, U.S. Representative Tom Emmer (R-MN), in a flourish of bipartisan camaraderie, announced the reintroduction of the Blockchain Regulatory Certainty Act (BRCA). This proposal, designed to protect those noble souls in the digital asset realm who, heaven forbid, do not take custody of consumer funds, seeks to prevent their misclassification as money transmitters under the existing labyrinth of financial regulations. Co-led by the ever-earnest Rep. Ritchie Torres (D-NY), this legislation is touted as a necessary legal framework to support innovation while maintaining a semblance of oversight—because who doesn’t love a good oversight? 🤔
Emmer, ever the social media maven, took to platform X to trumpet his announcement:
Today, Rep. Torres and I introduced the Blockchain Regulatory Certainty Act to protect blockchain developers and service providers that never custody consumer funds from unjust government prosecution. 🎉
At the Capitol, he reiterated the bill’s core message with the clarity of a seasoned orator: “If you don’t custody consumer funds, you aren’t a money transmitter. Plain and simple.” He then issued a warning that inaction could jeopardize U.S. technological leadership, stating, “The longer we delay this commonsense clarification, the greater the risk that this transformative technology is pushed overseas, harming American investors and innovators.” Torres, not to be outdone, added that the revised bill is a “smarter, sharper framework” that protects innovation without compromising oversight—because who doesn’t love a good compromise? 😏
Industry organizations, in a chorus of approval, sang the praises of this legislative endeavor. Peter Van Valkenburgh, executive director of Coin Center, declared: “The Blockchain Regulatory Certainty Act is the best way to protect American crypto developers and innovators from undue regulation by prosecution.” Amanda Tuminelli of the DeFi Education Fund chimed in, asserting that the bill would shield developers from being “unreasonably defined as operators of an ‘unlicensed money services business’ under the Bank Secrecy Act.” Sarah Milby of the Blockchain Association described the measure as affirming “fit-for-purpose rules,” while leaders from the Solana Policy Institute deemed the bill essential for constructing future financial infrastructure. Ji Hun Kim of the Crypto Council for Innovation emphasized the bill’s national and economic significance, applauding its efforts to alleviate the burdensome compliance requirements on non-custodial participants like miners, validators, and wallet providers—because who doesn’t love a good burden? 😅
Despite the BRCA’s previous rejection during a markup in an earlier session of Congress, its supporters are convinced that this refined version addresses legitimate regulatory concerns. Proponents argue that ensuring non-custodial developers are not wrongly targeted will help prevent a brain drain and encourage open-source innovation domestically—because nothing says innovation like a good old-fashioned legislative tussle! 🎭
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2025-05-22 02:58