Crypto Policy Heavyweights Back BRCA – Could Safe Harbor Spark a New Onchain Build-Out?

Eight key players in the crypto policy space, including the Blockchain Association, Crypto Council for Innovation, and the Digital Chamber, joined on Thursday to support the Blockchain Regulatory Certainty Act (BRCA) by advocating for its inclusion in crypto market structure legislation.

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, a joint statement published on June 5 calls for BRCA’s swift passage.

Congress has an opportunity to protect developers of non-custodial peer-to-peer software protocols from being unreasonably targeted for regulation. Today, we — @btcpolicyorg @blockchainassn @coincenter @crypto_council @DigitalChamber @fund_defi @paradigm @SolanaInstitute — are… https://t.co/TJzq2llHKK pic.twitter.com/81KJKhTGLy

“We are united in our commitment to protecting the software developers building our financial future,” a statement from the organizations read.

“Today, DeFi Education Fund, Coin Center, Solana Policy Institute, The Digital Chamber, Blockchain Association, Crypto Council for Innovation, Paradigm, and Bitcoin Policy Institute speak to Congress with one voice: include the bipartisan Blockchain Regulatory Certainty Act (BRCA) in market structure.”

“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,” the statement continues.

Introduced by Congressman Tom Emmer (R-MN) and Ritchie Torres (D-NY), this congressional session, the bipartisan legislation would prohibit blockchain software developers from being treated as money-transmitting services under the Bank Secrecy Act.

Proponents of BRCA argue that it should be folded into larger digital asset market structure legislation in hopes of preventing unfair enforcement against blockchain developers, particularly as U.S. lawmakers bring forth ideas for a new crypto policy framework.

Just last month, Reps. French Hill (AR-R), G.T. Thompson (PA-R), Bryan Steil (R-WI), and Dusty Johnson (SD-R) released a discussion draft of a bill set to establish a regulatory framework for digital assets in the United States.

However, with increased political polarization emerging over cryptocurrencies, it is still unclear how far any such legislation will be able to advance.

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