In a major new development for the crypto industry, Senators Ron Wyden and Cynthia Lummis announced on Monday evening the introduction of a bipartisan, standalone version of the Blockchain Regulatory Certainty Act (BRCA).
This legislation aims to provide much-needed clarity for software developers and infrastructure providers in the blockchain space, particularly concerning their classification under federal law.
New Crypto Bill To Protect Blockchain Developers
According to the detailed press release regarding the matter, the BRCA specifies that developers and providers who do not have control over user funds will not be classified as money transmitters. Senator Lummis highlighted the ongoing challenges faced by blockchain developers, stating:
Blockchain developers who have simply written code and maintain open-source infrastructure have lived under threat of being classified as money transmitters for far too long. This designation makes no sense when they never tou
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