Techub News, citing CryptoBriefing, reported that more than 60 cryptocurrency industry leaders have signed an open letter addressed to Senate leaders in support of the Blockchain Regulatory Certainty Act, or BRCA. The signatories include executives from Coinbase and Kraken. In the letter, they urge the Senate to include BRCA in the broader Digital Asset Market Clarity Act.
Letter Focuses on Rules for Non-Custodial Developers
The letter centers on the legal treatment of non-custodial blockchain developers. BRCA states that developers who only build non-custodial technology and do not actually control user funds should not be classified as money transmitters. Under that framework, such developers would not be required to comply with Bank Secrecy Act-related obligations that apply to money transmitters.
BRCA was first introduced in 2018 by Representative Tom Emmer. The bill has already passed the House of Representatives and is currently awaiting Senate consideration. The joint letter from cryptocurrency industry leaders is aimed at encouraging Senate leaders to incorporate the measure into the broader legislative framework for digital asset markets.