A U.S. legislator has introduced a new bill focused on blockchain technology aimed at protecting the rights of developers.

A US Congressman has brought back a proposal (BRCA) aimed at clarifying that individuals or businesses that “do not hold customer funds” are not considered money transmitters. This initiative is designed to support blockchain developers and American innovators, while also offering essential clarification for the seamless functioning of cryptocurrency companies. Minnesota Representative Tom Emmer has reintroduced the well-known Blockchain Regulatory Certainty Act (BRCA) to ensure regulatory clarity for blockchain developers involved with digital assets. As per the report examined by CNF, this regulation aims to exclude developers and service providers of digital assets from being classified as money transmitters. In recent months, the US has been diligently striving to present various cryptocurrency-supportive legislation, as highlighted in our latest reports. This encompasses the stablecoin legislation mentioned in our earlier conversation. The purpose is to regulate digital asset activities to promote their development and place their usage at the core of the nation’s financial framework. Upon examining BRCA, we discovered that Congressman Ritchie Torres was a co-leader of the initiative, which highlights its bipartisan support. At the same time, Congressmen Emmer and Torres will serve as the “Co-Chairs of the Congressional Crypto Caucus.” Emmer elaborated on the bill, emphasizing that individuals who “do not hold customer funds” should not be classified as money transmitters. He warned that the more we postpone this sensible clarification, the higher the chance that this groundbreaking technology will be moved abroad, negatively impacting American investors and innovators. This legislation offers clarity and will support the United States in maintaining its position as a leader in cryptocurrency. Moreover, he thinks that the Blockchain Regulatory Certainty Act highlights the collaborative efforts across party lines to establish just and precise regulations for digital assets.