Why Section 604 Is the Clarity Act Fight Crypto Developers Are Watching
The post Why Section 604 Is the Clarity Act Fight Crypto Developers Are Watching appeared on BitcoinEthereumNews.com. Senator Ron Wyden has urged Senate leaders John Thune and Chuck Schumer to preserve the Blockchain Regulatory Certainty Act (BRCA) in any version of the Digital Asset Market Clarity Act (Clarity Act) that reaches the floor. The Oregon Democrat made the request in a recent letter. He was the co-sponsor of the standalone BRCA, alongside Republican Senator Cynthia Lummis. Why Clarity Act’s Section 604 Matters The BRCA sits inside the Clarity Act as Section 604, as passed by the Senate Banking Committee. The provision clarifies that non-custodial software developers are not money transmitters solely because they create or publish code. Wyden argues the BRCA provides a “commonsense clarification” that the Bank Secrecy Act and the criminal code should be viewed together. He added that the provision will allow Congress to codify existing federal policy. In addition, Wyden no