Washington D C : Blockchain Regulatory Clarity Act

Today, DEF proudly supports @GOPMajorityWhip & @RitchieTorres in re-introducing the Blockchain Regulatory Clarity Act today (BRCA).

The BRCA is bipartisan legislation that would protect developers of non-custodial peer-to-peer software protocols with no control over user assets from being incorrectly defined as operators of money transmitting businesses (MTBs).

Why is the BRCA needed?

Despite Congress’ intent to apply the BSA’s requirements only to intermediaries such as financial institutions or businesses that take control of customer funds, software developers have been accused of running unlicensed MTBs even when they only create software that enables p2p financial transactions.

The BRCA makes clear: that’s not the law.