Leading crypto organizations have made a joint appeal to the US Congress requesting the incorporation of the Blockchain Regulatory Certainty Act (BRCA) into the CLARITY Act.
Congressional Appeal
Eight leading crypto policy organizations from Washington, including Uniswap and Jump, have reached out to the US Congress to ask for the integration of the Blockchain Regulatory Certainty Act (BRCA) into the current CLARITY Act bill.
Nature of Legislative Initiatives
The BRCA aims not to regulate software developers and infrastructure providers who do not store customer assets the way traditional financial institutions do. This regulation was initially introduced by Republican Representative Tom Emmer and later became a bipartisan proposal with support from Democratic Representative Ritchie Torres.
Community Response
One policy leader commented, "It is critical that we do not treat open source developers like traditional financial institutions. BRCA draws that line clearly and protects innovation." The joint statement emphasizes the necessity to protect peer-to-peer technology developers who do not control customer funds.
The inclusion of BRCA in the CLARITY Act is viewed as an important step towards protecting innovative tools in the cryptocurrency realm and ensuring legal certainty for developers and infrastructure providers.
