Eleanor Terrett stated that the Blockchain Regulatory Certainty Act (BRCA) is consistent with the version reviewed by the Senate Banking Committee in May. The bill specifies that non custodial software developers and blockchain infrastructure providers will not be considered as currency transmitters, retaining the contents of the Loomis Grassley Amendment and the Keep Your Coin Act. The bill prohibits companies from paying interest on users' idle stablecoin balances and allows for trading or staking rewards. The bill adds a new chapter on law enforcement support, including increasing investigation funding, establishing training programs, and setting up a "network center" to respond to threats from North Korea and Iran. The bill specifies the handling of digital assets in the event of bankruptcy of exchanges or custodians, ensuring that customer assets remain customer property.
