The U.S. cryptocurrency industry lobby, Coin Center, sent a letter to the U.S. Senate Banking Committee. He wants to draft a law that would make it impossible to prosecute cryptocurrency creators with pure intentions.
Coin Center will defend honest creators
The Blockchain Regulatory Certainty Act (BRCA) was first introduced by Tom Emmer in September 2018. Its new version is the work of senators Cynthia Lummis and Ron Wyden. The idea is to ensure that blockchain software creators are not bound by excessive regulations and are not afraid to create innovations. In practice, those who do not control users’ funds would not be money transmitters under federal law.
In a letter to the Senate Banking Committee, published on Tuesday, Coin Center policy director Jason Somensatto stated that innovations in the blockchain technology market cannot develop in the United States because developers are constantly exposed to threats of prosecution by the authorities. Because they are doing something innovative, they deserve legal protection.
Coin Center compared such programmers to website creators.
This is the same type of business that internet service providers, cloud hosting providers, router manufacturers, browser makers and email providers run every day.
BRCA ensures that the successor of Satoshi Nakamoto, Vitalik Buterin or Hayden Adams will be able to develop the systems that the Market Structure Act aims to promote and protect
– he added.
The Coin Center is a Washington-based think tank that focuses on public policy issues related to cryptocurrencies and decentralized technologies.
Developers behind bars
All three were convicted of running an unlicensed money transfer business. Rodriguez and Lonergan Hill were sentenced to five and four years in prison respectively. Storm is awaiting the verdict.
The Senate Banking Committee is still reviewing the latest BRCA bill. It has not yet been amended or put to a vote.
