The US crypto industry is making a significant move toward regulatory clarity by supporting the Blockchain Regulatory Certainty Act (BRCA).
Importance of BRCA Inclusion
The inclusion of BRCA in legislation is crucial for clarifying which participants in the crypto ecosystem should be subject to stringent financial regulations. The current regulatory environment in the US is described as fragmented and uncertain, creating obstacles for innovation and growth.
Overview of the Blockchain Regulatory Certainty Act
BRCA is designed to provide a safe harbor for certain blockchain and cryptocurrency participants. It ensures that developers and service providers who do not take custody of customer funds are not regulated as financial institutions. Participants include software developers, miners, and non-custodial wallet providers.
Industry Support
Significant unity in the US crypto industry has been highlighted by support for BRCA from eight major trade associations. Companies like Uniswap and Jump are among those backing the inclusion of BRCA, underscoring a broad consensus on the need for clarity in regulation for non-custodial services.
Support for BRCA within the CLARITY bill underscores the importance of unity in the crypto industry and the need for regulatory clarity. The successful passage of BRCA could foster innovation and attract investments to the US.
