Svmuu News: Crypto reporter Eleanor Terrett reports that the Blockchain Regulatory Certainty Act (BRCA) aligns with the version that passed the Senate Banking Committee in May.
It is reported 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. At the same time, the Loomis-Glasser amendment remains in place, maintaining federal criminal liability for “willfully” facilitating illegal transactions.
Furthermore, provisions related to the “Keep Your Coins Act” remain unchanged, continuing to safeguard users’ right to self-custody of their own crypto assets.
Regarding stablecoin earnings, the bill retains the original compromise, prohibiting companies from paying interest on users’ idle stablecoin balances but allowing rewards tied to actual activities—such as trading or staking rewards—provided they are not economically or functionally equivalent to interest on bank deposits.
The bill also adds new sections related to law enforcement, including increased funding for state and local cryptocurrency investigations and blockchain analysis tools, the establishment of training programs for law enforcement agencies and prosecutors, and the creation of a “cyber center” to address threats from state actors in countries such as North Korea and Iran.
Furthermore, the bill clarifies how digital assets are to be handled in the event of an exchange or custodian’s bankruptcy, ensuring that customer assets remain the property of the customers rather than becoming part of the company’s bankruptcy estate, thereby preventing a recurrence of incidents similar to the FTX collapse.