Yesterday, the Clarity Act approved favorably through the agricultural committees and financial services of the chamber with 47-6 and 32-19 bipartisan votes, respectively.
While a handful of amendments will be incorporated into a revised version of the bill, none of these amendments will change a recently added section of the bill concerning the products and services not managed.
To clarify, on Monday, the language of the Blockchain Regulatory Certy Act (BRCA) was added to the Clarity Act.
This language, included in section 110 of the Clarity Act, is focused on not controlled blockchain developers (non -customized) and blockchain service providers.
The exact formulation in the account is as follows: “a blockchain developer or a supplier of a blockchain service must not be treated as a money transmitter or as engaged in the” transmission of money “or, following the date of issue of this law, be otherwise subject to any registration requirements which is substantially similar to the requirements that currently applied to money for transmission.
It was particularly important that this segment of the bill was not changed because, with this language included, the bill protects not only Bitcoin and Crypto fans, the right to use non -gradual wallets, but the right of developers to continue creating these products and services without being subject to laws on the transmission of money as for the Bank Secrecy Act (BSA).
“Section 110 does not only clarify that the uninhabited developers are not captured by BSA, but also prohibits the future laws and regulations (for example Daamla) that they would change or replace BSA to treat non -foster actors as money transmitters or similar”, wrote Zack Shapiro, head of the Bitcoin Policy Institute policy, in a post X. Anti-Cripto zealots like Senator Warren should first repeal [or] Change this bill before approving further rules that impose self -pity. “
This problem on the fact that the providers of Bitcoin and Cryptovani non -grades are relevant since the cash developers of Samourai and Tornado are preparing to face the process.
It is also generally important in preserving the right of US citizens to use digital resources privately.
President of the subcommittee for the Chamber on digital resources, financial technology and artificial intelligence, the representative Bryan Steil (R-Wi) commented on the right to the transactional privacy of the Americas at the hearing.
To find out more about how to contact your elected officials to tell them to support the law on clarity, visit Saveurwallets.org.