Crypto reporter Eleanor Terrett, citing a post from Politico reporter Jasper Goodman, said the latest fight over the Blockchain Regulatory Certainty Act, or BRCA, has shifted toward prosecutors rather than police groups. BRCA is Section 604 of the CLARITY Act and would provide a safe harbor for non-custodial software developers by stating that developers who do not control user funds are not money transmitters under federal law. Terrett said the National Sheriffs’ Association, which had previously opposed the CLARITY Act in public, did not sign onto the latest proposed revision. At the same time, the White House and the U.S. Treasury pushed back on Senator Catherine Cortez Masto’s claim that the proposal reflected their views. Crypto Council for Innovation Executive Director Patrick Witt said the proposal was “far from the administration’s position,” while Treasury said the language came from Washington lobbyists. Cortez Masto and Senator Mark Warner had previously said their support for the bill depended on whether law enforcement accepted the anti-illicit-finance provisions tied to it.
Crypto reporter Eleanor Terrett, citing a post from Politico reporter Jasper Goodman, said the latest round of negotiations over the Blockchain Regulatory Certainty Act, or BRCA, has shifted toward prosecutors rather than police groups. BRCA is Section 604 of the CLARITY Act and would create a safe harbor for non-custodial software developers.
The latest dispute is no longer centered on police groups
According to Terrett, the National Sheriffs’ Association, which had previously opposed the CLARITY Act publicly, did not sign the latest proposed revision. She said that indicates the current fight is now focused on prosecutors instead of police.
White House and Treasury reject claims that the proposal reflects their views
At the same time, the White House and the U.S. Treasury disputed Senator Catherine Cortez Masto’s claim that the proposal reflected their input.
Patrick Witt, executive director of the Crypto Council for Innovation, said the proposal was “far from the administration’s position.” Treasury, for its part, said the wording came from Washington lobbyists.
What Section 604 would do
As Section 604 of the CLARITY Act, BRCA is intended to establish that non-custodial software developers that do not control user funds are not money transmitters under federal law.
Cortez Masto and Senator Mark Warner had previously said their support for the bill depended on whether law enforcement would accept the anti-illicit-finance provisions tied to it.
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