Senate Judiciary Committee leaders push back against crypto legislation to protect noncustodial software devs
Judiciary Committee leaders opposed including the BRCA in crypto legislation, citing lack of consultation and concerns over law enforcement oversight.Summary
Senate Judiciary Committee leaders, Senators Chuck Grassley (R-Iowa) and Dick Durbin (D-Ill.), sent a letter to the Senate Banking Committee chairs expressing concern over the inclusion of the Blockchain Regulatory Certainty Act (BRCA) in the recent draft crypto legislation. The BRCA seeks to clarify that noncustodial software developers are not considered money transmitters, providing guardrails for their exemption from money transmitting laws. Grassley and Durbin argued they were not consulted, as the Judiciary Committee has jurisdiction over Title 18 statutes relevant to the matter. They further contended that the BRCA provision would create a "blind spot" for state and local law enforcement investigating money laundering and trafficking by removing access to FinCEN registration information. This opposition adds another challenge to the sweeping crypto bill, which already faced criticism from industry figures like Coinbase CEO Brian Armstrong, and whose passage requires significant bipartisan support.
(Source：The Block)