incredibly obvious to support this and happy to sign this letter.
The BRCA explained:
money transmission law assumes you hold customer funds. it requires things only a custodian can do: freeze assets, file reports, return money.
applied to a developer who ships non-custodial code, it's an impossible standard backed by criminal penalties.
the BRCA fixes the mismatch. control funds = regulated intermediary, full stop. write software = developer. nothing about AML changes for anyone who actually custodies money.
it survived the house and senate banking markup. the senate should pass it intact.
This industry takes care of its builders. Thank you to the 60 CEOs and founders who sent a clear message to Senate leadership today: Pass the Clarity Act with developer protections and the BRCA intact.
Developers who do not control user funds are not money transmitters.
Read the full letter:
t.ly/iXpDU