Democrat Wyden sides with crypto industry over BRCA as it becomes Clarity Act’s make-or-break fight
The post Democrat Wyden sides with crypto industry over BRCA as it becomes Clarity Act’s make-or-break fight appeared on BitcoinEthereumNews.com. Sen. Ron Wyden, the Oregon Democrat sent a letter this week to Senate Majority Leader John Thune and Senate Democratic Leader Charles Schumer. His ask: keep Section 604 in future drafts of the Clarity Act. The disputed section is the Blockchain Regulatory Certainty Act, known as BRCA. BRCA began as its own bill. It later got folded into the bigger Clarity Act, and it has since become one of the hardest sticking points as lawmakers try to move crypto legislation forward. The measure creates a safe harbor for developers who don’t hold or control customer funds. It says plainly that these developers should not count as money transmitters. Sen. Cynthia Lummis, R-Wyo., introduced the original bill earlier this year. Wyden is its only cosponsor. “Smart policy will empower law enforcement to do its job and facilitate innovation at the same time,” Wy