Crypto Firms Back Blockchain Regulatory Certainty Act for DeFi Innovation

Leading crypto firms Uniswap, Jump Trading, and several prominent crypto trade associations are set to issue a joint statement in support of the Blockchain Regulatory Certainty Act (BRCA). This act aims to provide clarity and certainty for developers, miners, and other innovators within the non-custodial crypto ecosystem. The statement is expected to be released imminently, according to crypto reporter Eleanor Terrett.

The BRCA is viewed as a critical piece of legislation for protecting software developers and infrastructure providers who do not custody customer funds. The act draws a clear line between open-source developers and traditional financial institutions, ensuring that developers are not treated as money transmitters when they do not control customer funds. This distinction is seen as essential for fostering innovation in the decentralized finance (DeFi) space.

The joint statement is backed by eight leading crypto trade associations, including the DeFi Education Fund, Coin Center, Solana Institute, Chamber of Digital Commerce, Blockchain Association, Crypto Council, Bitcoin Policy Institute, and Paradigm. These groups emphasize the importance of the BRCA in protecting developers and infrastructure providers from being overregulated. The legislation is seen as a foundational policy safeguard for DeFi developers, ensuring that they can innovate without the burden of unnecessary regulatory compliance.

The BRCA is part of the CLARITY Act, a broader piece of legislation aimed at establishing a regulatory framework for digital assets. The CLARITY Act, introduced by French Hill, Chairman of the House Financial Services Committee, seeks to divide responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding the regulation of digital assets. The Financial Services Committee has scheduled a markup for the CLARITY Act for June 10, 2025, alongside multiple other bills.

The inclusion of the BRCA in the CLARITY Act is seen as a significant step forward for the crypto industry. It provides much-needed regulatory clarity and protection for developers and companies involved in decentralized networks. The joint statement from these leading crypto trade associations and companies underscores the industry's support for this legislation and its potential to foster innovation and growth in the digital asset ecosystem. The legislation is seen as protecting innovation, upholding civil rights, and strengthening the U.S.’ global competitiveness in the 21st-century economy.