Washington, D.C. - Today, Congressman Tom Emmer reintroduced the Blockchain Regulatory Certainty Act (BRCA), which solidifies that digital asset developers and service providers that do not custody consumer funds are not money transmitters. It provides necessary legal clarity that will unlock blockchain development in the United States. This nonpartisan bill is co-led by Congressman Ritchie Torres (NY-15). Congressmen Emmer and Torres serve as the Co-Chairs of the Congressional Crypto Caucus.
“If you don’t custody consumer funds, you aren’t a money transmitter. Plain and simple,” Congressman 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.”
"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 We cannot afford to let outdated or misapplied regulations drive American talent and technology overseas.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," Congressman Torres said.
"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,” said Peter Van Valkenburgh, Executive Director of Coin Center.
‘’At DeFi Education Fund, we are grateful to Rep. Tom Emmer for reintroducing the Blockchain Regulatory Clarity Act (BRCA), with co-sponsor Rep. Richie Torres,” said Amanda Tuminelli, Executive Director and Chief Legal Officer of the DeFi Education Fund. “This bipartisan legislation would protect developers of non-custodial, peer-to-peer software protocols from being unreasonably defined as operators of an “unlicensed money services business” under the Bank Secrecy Act. BRCA is an important step in the right direction for the development of digital assets in the United States and would deliver much-needed clarity to the builders of our financial future.”
"Blockchain Association is proud to support the reintroduction of the bipartisan Blockchain Regulatory Certainty Act. This important legislation affirms that innovators building and maintaining decentralized, non-custodial blockchain protocols should not be unfairly treated as financial intermediaries. By providing commonsense regulatory guardrails, this legislation ensures fit-for-purpose rules for the digital asset ecosystem and strengthens America's position as the global leader in crypto innovation," said Blockchain Association Interim CEO and Head of Policy Sarah Milby.
"Blockchain developers, miners, and validators aren’t financial institutions—they’re builders. The bipartisan Blockchain Regulatory Certainty Act will finally give them the freedom to build in the United States by clarifying that those who never hold customer assets don’t need bank-style licenses. We urge swift passage and commend Majority Whip Emmer and Representative Ritchie Torres for championing this effort. Congress should act now on the BRCA,” said Cody Carbone, CEO of The Digital Chamber.
“We’re proud to support the reintroduction of the bipartisan Blockchain Regulatory Certainty Act (BRCA). This bill provides the legal certainty blockchain developers and entrepreneurs need to build decentralized networks and the next-generation of financial infrastructure here in the United States,” said Kristin Smith and Miller Whitehouse-Levine of the Solana Policy Institute.
“We applaud the reintroduction of the Blockchain Regulatory Clarity Act. This bipartisan legislation will help ensure that non-custodial blockchain participants—including developers, node operators, miners, validators, and wallet providers—are not subject to unnecessary and technologically infeasible compliance burdens that would significantly impede American innovation. The development of digital assets in the United States is critical to our national and economic security, and we appreciate efforts to establish the regulatory clarity that is needed,” said Ji Hun Kim, President and CEO of the Crypto Council for Innovation.
The BRCA clarifies the existing, burdensome, state-by-state money transmission regulatory process by asserting that digital asset developers that never custody consumer funds are not money transmitters. This legal clarity will help establish the necessary confidence required to keep noncustodial blockchain developers or service providers, including miners, validators, and wallet providers, from seeking more straightforward regulatory environments overseas.
Emmer first introduced the BRCA in 2018. The full text of the bill is available here.
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