The Blockchain Regulatory Certainty Act, or BRCA, remains aligned with the version that cleared the Senate Banking Committee in May, according to crypto journalist Eleanor Terrett. The bill continues to state that non-custodial software developers and blockchain infrastructure providers would not be treated as money transmitters solely for building or maintaining decentralized networks. It also keeps the Lummis-Grassley amendment, preserving federal criminal liability for parties that "intentionally" facilitate illegal transactions. Provisions tied to the Keep Your Coins Act were left unchanged as well, maintaining protections for users’ rights to self-custody their own crypto assets. On stablecoin yield, the bill retains its earlier compromise: companies would be barred from paying interest on users’ idle stablecoin balances, while rewards linked to real activity, such as trading or staking, would still be allowed if they are not economically or functionally equivalent to bank deposit interest. The proposal also adds enforcement sections covering funding for state and local crypto investigations, blockchain analytics tools, training for law enforcement and prosecutors, and a new "cyber center" focused on threats from state actors including North Korea and Iran. It also spells out how digital assets should be handled if an exchange or custodian enters bankruptcy.
The Blockchain Regulatory Certainty Act, or BRCA, remains unchanged from the version approved by the Senate Banking Committee in May, according to crypto journalist Eleanor Terrett.
The bill still says that non-custodial software developers and blockchain infrastructure providers would not be classified as money transmitters solely for building or maintaining decentralized networks.
It also keeps the Lummis-Grassley amendment, preserving federal criminal liability for parties that "intentionally" facilitate illegal transactions. Language tied to the Keep Your Coins Act also remains intact, continuing to protect users’ rights to self-custody their own crypto assets.
On stablecoin yield, the bill retains its earlier compromise. Companies would be prohibited from paying interest on users’ idle stablecoin balances, but rewards connected to actual activity, including trading or staking rewards, would still be permitted as long as they are not economically or functionally equivalent to interest paid on bank deposits.
The legislation also adds new enforcement-related sections. Those provisions include increased funding for state and local cryptocurrency investigations and blockchain analytics tools, training programs for law enforcement agencies and prosecutors, and the creation of a "cyber center" to respond to threats from state actors including North Korea and Iran.
The bill also clarifies how digital assets would be treated if an exchange or custodian enters bankruptcy. Under the language described by Terrett, customer assets would remain customer property rather than becoming part of a company’s bankruptcy estate, a measure aimed at avoiding a repeat of situations like FTX.
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