Blockchain Regulatory Certainty Bill Maintains Senate Version, Preserves Non-Custodial Developer Protections

Odaily reported that crypto journalist Eleanor Terrett stated the Blockchain Regulatory Certainty Act (BRCA) remains consistent with the version passed by the Senate Banking Committee in May.

It is understood that the bill continues to clarify that non-custodial software developers and blockchain infrastructure providers will not be considered money transmitters solely for building or maintaining decentralized networks. Meanwhile, the Lummis-Grassley amendment is retained, maintaining federal criminal liability for actions that "knowingly" facilitate illegal transactions.

Furthermore, the content related to the "Keep Your Coins Act" remains unchanged, continuing to protect users' right to self-custody of their crypto assets.

Regarding stablecoin yields, the bill retains the original compromise, prohibiting companies from paying interest on users' idle stablecoin balances. However, it allows rewards related to actual activities, such as trading or staking rewards, provided they are not economically or functionally equivalent to bank deposit interest.

The bill also adds an enforcement-related section, including increased funding for state and local cryptocurrency investigations and blockchain analysis tools, establishing training programs for law enforcement agencies and prosecutors, and creating a "Cyber Center" to address threats from state actors such as North Korea and Iran.

Additionally, the bill clarifies the treatment of digital assets in the event of an exchange or custodian bankruptcy, ensuring customer assets remain client property rather than becoming part of the company's bankruptcy estate, to prevent a recurrence of incidents similar to FTX.