Eight Crypto Groups Lobby to Add Blockchain Regulatory Certainty Act to Market Structure Costs

A coalition of 8 crypto policy organizations has urged Congress to integrate the Blockchain Regulatory Certainty Act (BRCA) into the upcoming market structure legislation. The groups argue that this change is crucial for the defense of developers and infrastructure providers in the cryptocurrency and decentralized finance (DeFi) sectors.

The groups, including the DeFi Education Fund, Coin Center, Solana Policy Institute, Digital Chamber, Blockchain Association, Crypto Council for Innovation, Bitcoin Policy Institute, and Paradigm, have issued a joint statement urging Congress to add the BRCA to the Market structure legislation. They believe this inclusion would provide essential regulatory safeguards to developers who do not control or hold consumer funds.

The BRCA, introduced by Rep. Tom Emmer and backed by Rep. Ritchie Torres, aims to prevent the misapplication of financial regulations to blockchain providers that do not engage in money transmission, ensuring fair treatment for decentralized finance (DeFi) developers.

The Digital Asset Market Clarity Act, currently under review, seeks to enhance regulatory clarity for digital assets. Ripple’s Chief Legal Officer, Stuart Alderoty, has expressed support for the CLARITY Act, emphasizing its importance in creating a comprehensive regulatory framework for the crypto industry.

While the Market Structure Bill has gained industry support, concerns have been raised by Rep. Maxine Waters regarding the impact of key figures on crypto legislation, labeling it as part of broader ‘crypto corruption.’