More than 60 crypto industry leaders, including top executives from Coinbase and Kraken, signed an open letter on June 9 urging the Senate to pass a provision that would fundamentally change how US law treats blockchain developers. The target: getting the Blockchain Regulatory Certainty Act, or BRCA, included in the broader Digital Asset Market Clarity Act before it reaches the Senate floor.
The letter was addressed to Senate Majority Leader John Thune and Minority Leader Chuck Schumer. Its core argument is straightforward: if you build non-custodial blockchain software and never touch user funds, you shouldn’t be regulated like someone who does.
What the BRCA actually does
Under the Bank Secrecy Act, money transmitters face compliance requirements including licensing, anti-money laundering protocols, and know-your-customer procedures. The BRCA clarifies that developers who create non-custodial blockchain technology, meaning software where they never have control over user funds, are not money transmitters. The act codifies guidance previously provided by the Financial Crimes Enforcement Network (FinCEN), which states that only those who exert control over customer assets are deemed money transmitters.
