U.S. Rep. Tom Emmer (R-MN) introduced legislation that seeks to provide legal clarity around digital asset developers.
His bill, the Blockchain Regulatory Certainty Act (BRCA), would confirm that digital asset developers and service providers that do not custody consumer funds are not money transmitters. This would provide the necessary legal clarity that will help establish the confidence required to keep noncustodial blockchain developers or service providers, including miners, validators, and wallet providers, from seeking more straightforward regulatory environments overseas.
Ultimately, said Emmer, it would unlock blockchain development in the United States.
“If you don’t custody consumer funds, you aren’t a money transmitter. Plain and simple,” Emmer said. “The longer we delay this commonsense clarification, the greater the risk that this transformative technology is pushed overseas, harming American investors and innovators. This bill provides that clarification and will help the United States remain a leader in the crypto space.”
This bipartisan bill is co-sponsored by Rep. Ritchie Torres (R-NY). Emmer and Torres serve as the Co-Chairs of the Congressional Crypto Caucus.
“The Blockchain Regulatory Certainty Act reflects a thoughtful, bipartisan effort to get digital asset policy right. While similar language was voted down in markup last Congress, we took that feedback seriously and returned with a smarter, sharper framework that protects innovation without compromising oversight. The United States should be the global home for responsible innovation, not a place where developers are punished for building open-source software or experimenting with new technologies. This bill provides clear, commonsense rules for developers who never take custody of consumer funds. If we want to keep the next generation of builders in the United States, this kind of legal clarity is essential. We cannot afford to let outdated or misapplied regulations drive American talent and technology overseas. With this bill, we protect innovation, uphold civil liberties, and strengthen our global competitiveness in the 21st-century economy,” Torres said.
Several industry groups support the bill, including the Crypto Council for Innovation, Coin Center, DeFi Education Fund, Blockchain Association, the Digital Chamber, and the Solana Policy Institute.
“The Blockchain Regulatory Certainty Act is the best way to protect American crypto developers and innovators from undue regulation by prosecution. Recent misapplication of licensing laws has substantially chilled the development of privacy and freedom enhancing tech in the US. Avoiding surprise prosecutions, creating legal clarity, and encouraging free speech and software development are not partisan issues; they are core American values, and the BRCA codifies them,” Peter Van Valkenburgh, executive director of Coin Center, said.