Sen. Wyden calls to preserve Blockchain Regulatory Certainty Act in crypto bill

Sen. Ron Wyden urged Senate leaders to maintain Section 604, the Blockchain Regulatory Certainty Act (BRCA), in the Clarity Act as negotiations continue. In a letter to Senate Majority Leader John Thune and Senate Democratic Leader Charles Schumer, Wyden emphasized the importance of this provision for providing legal certainty to blockchain software developers and preventing innovation from moving offshore. BRCA, introduced by Sen. Cynthia Lummis, creates a safe harbor for non-custodial developers, clarifying they are not considered money transmitters. Wyden defended the provision against criticism, stating it aligns with law enforcement efforts while ensuring accountability for bad actors. The ongoing debate over BRCA is a significant unresolved issue as lawmakers work on the Clarity Act, with time running out before the August recess and upcoming November elections.

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