According to the joint statement of the organizations of Defi Education Fund, Coin Center, Solana Policy Institute, The Digital Chamber, Blockchain Association, Crypto Couuncil for Innovatio and Bitcoin Policy Institute, the law on the normative clarity of the blockchain (BRCA) should be added to the legislation on the structure of the crypto. According to this law, software developers for non -codial crypto platforms should not be classified as services that provide money transfer services.
In the United States, the rules for regulating digital assets are still being developed. Therefore, it is extremely important to remember that developers who create one -ranking, non -codial software and infrastructure suppliers for decentralized networks have little in common with traditional financial institutions, the statement says. The BRCA law has already been taken into account. It states that software developers or blockchain service providers do not control and do not store client funds, so they are not required to register as money transfer services and bear responsibility for the lack of registration.
Cryptolobbis groups thanked the Republican Congressman from Minnesota Tom Emmer and the Congressman from the Democratic Party of Ritchie Torres for assistance in this matter. Recently, Richie Torres said that he was working on a bill prohibiting President Donald Trump and Congress members to own cryptocurrencies and make a profit from them. If the BRCA is included in the Law on the transparency of the digital assets market from 2025, this will allow companies developing innovation in the United States, it is safe to build financial infrastructure in their country, and not to cross abroad, and lobbyists insist.
Earlier, Coin Center’s legal center called American lawmakers to clarify the taxation of digital assets, suggesting that the traders do not pay taxes for the commission of cryptototrazazations.
Source: Bits
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