U.S. Representative Tom Emmer (R-MN) announced on May 21 the reintroduction of the Blockchain Regulatory Certainty Act (BRCA), a bipartisan proposal intended to protect developers and service providers in the digital asset space who never take custody of consumer funds. The legislation, co-led by Rep. Ritchie Torres (D-NY), seeks to prevent these actors from being misclassified as money transmitters under existing financial regulations. Both lawmakers serve as co-chairs of the Congressional Crypto Caucus and emphasized that the bill delivers a necessary legal framework to support innovation while maintaining effective oversight.

Emmer promoted the announcement on social media platform X, writing:

Today, Rep. Torres and I introduced the Blockchain Regulatory Certainty Act to protect blockchain developers and service providers that never custody consumer funds from unjust government prosecution.

At the Capitol, he reinforced the bill’s core message: “If you don’t custody consumer funds, you aren’t a money transmitter. Plain and simple.” He warned that inaction could have consequences for U.S. technological leadership: “The longer we delay this commonsense clarification, the greater the risk that this transformative technology is pushed overseas, harming American investors and innovators.” Torres added that the revised bill improves on earlier drafts by addressing past criticisms: “We returned with a smarter, sharper framework that protects innovation without compromising oversight.”

Industry organizations voiced strong approval. Peter Van Valkenburgh, executive director of Coin Center, stated: “The Blockchain Regulatory Certainty Act is the best way to protect American crypto developers and innovators from undue regulation by prosecution.” Amanda Tuminelli of the DeFi Education Fund said the bill would shield developers from being “unreasonably defined as operators of an ‘unlicensed money services business’ under the Bank Secrecy Act.” Sarah Milby of the Blockchain Association described the measure as affirming “fit-for-purpose rules,” and Solana Policy Institute leaders Kristin Smith and Miller Whitehouse-Levine called the bill essential for building future financial infrastructure. Ji Hun Kim of the Crypto Council for Innovation stressed the bill’s national and economic significance, applauding its effort to reduce infeasible compliance burdens on non-custodial participants like miners, validators, and wallet providers.

While the BRCA was previously rejected during a markup in an earlier session of Congress, its supporters believe the refined version better addresses legitimate regulatory concerns. Proponents argue that ensuring non-custodial developers are not wrongly targeted will help prevent a brain drain and encourage open-source innovation domestically.

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