The CLARITY Act has progressed through the House Agriculture and Financial Services Committees, passing with significant bipartisan support. A crucial aspect of this Act is Section 110, which insulates noncustodial blockchain developers from being classified as money transmitters under federal law. This protection enables the continued innovation within the crypto space without the burdens of money transmission regulations as dictated by the Bank Secrecy Act. The language added from The Blockchain Regulatory Certainty Act (BRCA) prohibits future legislation from subjecting noncustodial services to similar regulations, crucial for the crypto community.
If this passes, that means that anti-crypto zealots like Sen. Warren would first have to repeal [or] modify this bill before passing additional rules that would impinge on self-custody.
Section 110 doesn't just clarify that non-custodial devs aren't captured by the BSA, but also forbids future laws and regulations that would treat non-custodial actors as money transmitters.
Collection
[
|
...
]