Key Facts

• The crypto industry's leading founders, CEOs, and investors recently signed a letter to Senate leaders requesting that they do not weaken the Clarity Act's protections for software developers, as stripping these protections could push the people who build this technology offshore and forfeit the US lead in the next era of finance.
• The Blockchain Regulatory Certainty Act (BRCA) draws a bright line: if you write open-source software, run a node, or help validate transactions, and you never take custody or control of anyone's money, you are not a money transmitter under federal law, according to the article.
• The US share of the world's open-source crypto developers has fallen from 38% in 2015 to roughly 19% in the latest annual count, representing jobs, tax revenue, and technology that benefits everyone.
• The BRCA has bipartisan support, carried by Sens. Cynthia Lummis (R-WY) and Ron Wyden (D-OR) in the Senate, and Majority Whip Tom Emmer (R-MN) and Rep. Ritchie Torres (D-NY) in the House.
• Treasury's 2019 FinCEN guidance already recognized that merely providing software or network tools used by money transmitters does not, by itself, make someone a money transmitter.