Blockchain Regulatory Certainty Act Returns to Exempt Wallets, Miners From Money-Transmitter Rules

Congressman Tom Emmer (R-IN) and Ritchie Torres (NY-15) reintroduced the Blockchain Regulatory Certainty Act (BRCA) on Wednesday in a bid to prevent crypto service providers from being classified as money transmitters.

According to a May 22 press release from the U.S. lawmakers, the proposed legislation would clarify that non-custody digital asset providers are not classified as money transmitters.

The bill would purportedly empower wallet providers, miners, and validators while preventing key players in the crypto sector from going offshore.

Emmer, who originally introduced the BRCA back in 2018, claims the legislation would provide regulatory clarity without compromising necessary government oversight.

“If you don’t custody consumer funds, you aren’t a money transmitter. Plain and simple,” Congressman Emmer said. “The longer we delay this commonsense clarification, the greater the risk that this transformative technology is pushed overseas, harming American investors and innovators.”

“The Blockchain Regulatory Certainty Act reflects a thoughtful, bipartisan effort to get digital asset policy right,” said Representative Torres.

“The United States should be the global home for responsible innovation, not a place where developers are punished for building open-source software or experimenting with new technologies,” he added.

Several prominent leaders in the crypto policy space have also lent their support to the BRCA, including Blockchain Association Interim CEO Sarah Milby, The Digital Chamber CEO Cody Carbone, and Ji Hun Kim, president and CEO of the Crypto Council for Innovation.

“Blockchain developers, miners, and validators aren’t financial institutions—they’re builders,” said Carbone. “The bipartisan Blockchain Regulatory Certainty Act will finally give them the freedom to build in the United States by clarifying that those who never hold customer assets don’t need bank-style licenses.”

“We urge swift passage and commend Majority Whip Emmer and Representative Ritchie Torres for championing this effort,” he added. “Congress should act now on the BRCA.”

The post Blockchain Regulatory Certainty Act Returns to Exempt Wallets, Miners From Money-Transmitter Rules appeared first on Cryptonews.