Blockchain Regulatory Certainty Act Maintains Original Senate Version, Retains Protections for Non-Custodial Developers

Odaily Planet Daily News – Crypto journalist Eleanor Terrett stated that the Blockchain Regulatory Certainty Act (BRCA) remains consistent with the version reviewed by the Senate Banking Committee in May. Reportedly, the act 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. Additionally, the Lummis-Grassley amendment is retained, maintaining federal criminal liability for those who “intentionally” facilitate illegal transactions. Furthermore, provisions related to the "Keep Your Coins Act" remain unchanged, continuing to protect users' rights to self-custody their crypto assets. Regarding stablecoin yields, the act preserves the original compromise, prohibiting companies from paying interest on idle stablecoin balances but allowing rewards tied to actual activities, such as transaction or staking rewards, provided they are economically or functionally distinct from bank deposit interest. The act also introduces new enforcement-related sections, including increased funding for state and local cryptocurrency investigations and blockchain analysis tools, the establishment of training programs for law enforcement and prosecutors, and the creation of a "cyber hub" to address threats from state actors like North Korea and Iran. Additionally, the act specifies the handling of digital assets in the event of exchange or custodial institution bankruptcy, ensuring that customer assets remain customer property rather than becoming part of the company’s bankruptcy estate, aiming to prevent incidents similar to the FTX case.