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FollowingSenator Ron Wyden pushes to retain protection for cryptocurrency developers in the Clarity Act
Ron Wyden calls on Senate leaders to retain BRCA protection for unmanaged blockchain developers in the Clarity Act. Wyden said the proposal made it clear that if a developer does not control customer assets, it is not a money transmitter. The senator believes that BRCA provides greater legal certainty to blockchain developers while maintaining enforcement powers.
Wyden defends the BRCA clause
In a letter to Senate Majority Leader John Thune and Senate Democratic Leader Chuck Schumer, Wyden urged them to ensure that the Blockchain Regulation Definiteness Act (BRCA) is retained in any version of the Clarification Act submitted to the Senate for a vote. Lawmakers are still discussing the bill, and support from law enforcement groups and some Democratic senators remains in doubt.
Wyden said in his letter that Section 604 (the Blockchain Regulation Determinism Act) will retain legal protection for unmanaged blockchain developers. He pointed out that the clause would clarify current federal policy that software developers should not be regarded as money transmitters simply because they publish software. He said this protection only applies when developers do not control customer assets. Therefore, under the proposal, developers who create unmanaged tools will gain greater legal certainty. Wyden added that the provision brings the Bank Secrecy Act into line with the Criminal Code and reflects current guidance from the Financial Crimes Enforcement Network (FinCEN).
Debate on the Senate bill continues
Wyden\'s request comes at a time when it remains uncertain whether some law enforcement organizations will support the BRCA clause. Lawmakers are also understood to be weighing whether amending the bill would help win support from Democratic Senators Catherine Cortez Mastow and Mark Warner, among others. Wyden believes that deleting the clause could affect software developers developing decentralized financial applications in the United States. He also noted that he had co-sponsored the BRCA bill with Senator Cynthia Loomis as a Democratic co-sponsor.
The letter emphasizes that law enforcement powers will not be affected
Wyden said the proposal would not weaken anti-money laundering or counter-terrorism financing requirements. Instead, he wrote, the measure would preserve the power of the Justice Department and FinCEN to investigate criminal activity. He also pointed to one exception in the proposal: According to Wyden, developers who transfer or use funds related to illegal activities would not be covered by that protection. The senator said the approach would allow investigators to focus resources on unlicensed money transmission businesses and other criminals. He concluded the letter by urging Thun and Schumer to retain the Blockchain Regulation Definiteness Act in any Senate version of the Clarification Act.
