Senator Wyden urges inclusion of BRCA in Clarity Act

4 min read

Sen. Ron Wyden asked Senate leaders to retain Section 604, the Blockchain Regulatory Certainty Act (BRCA), inside the larger Clarity Act. The provision would create a safe harbor that says software developers who do not hold or control customer funds should not count as money transmitters, a change first proposed in a separate bill by Sen. Cynthia Lummis. Industry groups back the provision for legal clarity and to keep innovation domestic, while coalitions representing more than 70,000 prosecutors, police, and a Catholic anti‑trafficking network warn broad exemptions could hinder anti‑money‑laundering and trafficking enforcement. Lawmakers must resolve the dispute before August recess and November elections.

Section 604 would create a safe harbor for noncustodial developers.