The crypto industry lobby group Coin Center has demanded the passage of the Blockchain Regulatory Certainty Act (BRCA) bill in a letter sent to the U.S. Senate Banking Committee. The bill aims to prevent crypto developers and infrastructure providers who do not control user funds from being classified as money transmitters under federal law. First introduced in 2018 by Representative Tom Emmer, the latest version of the bill was prepared by Senators Cynthia Lummis and Ron Wyden.
Source: Coin Center
Coin Center policy director Jason Somensatto stated in the letter that blockchain innovation cannot develop under the threat of prosecution and emphasized that crypto developers should have the same legal protections as internet service providers. This call coincides with the conviction last year of Tornado Cash developer Roman Storm and Samourai Wallet founders Keonne Rodriguez (5 years in prison) and Will Lonergan Hill (4 years in prison) on unlicensed money transmission charges. Storm’s sentence is pending. Weakening the BRCA could push well-intentioned developers out of the U.S.
How Will the BRCA Bill Change Crypto Regulation?
In the latest breaking news, developments like BlackRock’s application for an 18% staking fee for its staked Ethereum ETF show how regulatory uncertainty is affecting the ETH and ETH detailed analysis market. The BRCA could encourage innovation by protecting similar infrastructure providers.
Why Is BTC Price Falling Due to Regulatory Uncertainty?
Today’s BTC price is $67,460.17 (-1.83% 24h), with RSI at 34.19 in downtrend. Supertrend bearish, above EMA 20: $72,240.
- Supports: S1 $66,597 (Strong, -1.20%), S2 $62,910 (-6.67%)
- Resistances: R1 $68,048 (+0.95%), R2 $78,145 (+15.93%)
Regulatory risks are pressuring BTC; follow BTC detailed analysis for updates.
Frequently Asked Questions About BRCA and Crypto Regulation
- What is BRCA? A bill that protects crypto developers from being classified as money transmitters.
- How does it affect BTC? It provides price stability by reducing uncertainty.
- Why are recent convictions accelerating BRCA? They create a threat of prosecution for developers.
BTC futures are volatile with regulatory news.
Source: https://en.coinotag.com/coin-center-protects-crypto-developers-with-brca
