Major players in the crypto world are about to publicly support a new bill aimed at bringing clarity to cryptocurrency regulations.
Joint Statement on the Horizon
According to crypto reporter Eleanor Terrett, a joint statement is expected soon. This statement will come from eight leading crypto trade associations, along with major players Uniswap and Jump Trading. They’ll be throwing their weight behind the Blockchain Regulatory Certainty Act (BRCA). The BRCA is intended to be included in the CLARITY Act, a broader bill shaping the future of digital asset markets.
What’s the BRCA All About?
The BRCA aims to clear up the regulatory landscape for developers, miners, and others working in the decentralized crypto space. Specifically, it focuses on those who don’t hold customer funds, differentiating them from traditional financial institutions. Supporters argue this is crucial for protecting innovation in the DeFi (decentralized finance) sector. One policy expert stated that the BRCA is “critically important” to prevent treating open-source developers like traditional banks.
Industry Support is Strong
The eight trade groups involved include the DeFi Education Fund, Coin Center, Solana Institute, Chamber of Digital Commerce, Blockchain Association, Crypto Council, Bitcoin Policy Institute, and Paradigm. They believe the BRCA is essential for protecting developers and infrastructure providers.
The Push for Inclusion
The joint statement will urge lawmakers to include the BRCA in the CLARITY Act, which is up for discussion next week. The bill currently has bipartisan support, showing broad interest in clarifying the rules for the crypto industry.
