Clarity Act will go to the house floor to vote and protect non-custodial tools intact
Yesterday, Clarity Act passed the House Agriculture and Financial Services Committee with a bipartisan vote of 47-6 and 32-19.
While a few amendments will be included in the amendment to the bill, no amendments will change the recently added portion of the bill, which involves non-monitoring products and services.
To clarify, on Monday, the language of the Blockchain Regulatory Determinism Act (BRCA) was added to the Clarity Act.
The language includes Clarity Act Article 110, focusing on non-controlled (non-monitored) blockchain developers and blockchain service providers.
The exact wording in the Act is as follows: “Not controlling blockchain developers or providers of blockchain services shall not treat them as currency transmitters, nor shall they engage in “currency transmissions”, or be similar to the date of the enactment of this Act, which is similar to the current requirements applicable to currency traders.”
It is particularly important that this part of the bill is not changed because the bill includes the bill not only protects the right of Bitcoin and crypto enthusiasts to use non-customer wallets, but also protects developers’ rights to continue to create such products and services without being subject to the Bank Secrecy Act (BSA) and not being subject to non-compliance with the Currency Conversion Act.
“Section 110 not only clarifies that the BSA is not captured by non-customed developers, but also prohibits future laws and regulations such as Daamla from modifying or replacing the BSA with BSA treating non-resident actors as currency transmitters or similar people,” wrote Polition Zack Shapiro of Bitcoin Policy Institute. “If this goes by, it means anti-Criputo fanatics like Warren will be abolished first [or] Before you modify the bill, please pass other rules to affect your own customers. ”
The question is about whether non-monitoring Bitcoin and crypto service providers are relevant as Samulai wallet and tornado cash developers are ready to face trials.
This is also often important for retaining the right of U.S. citizens to use digital assets privately.
Rep. Brian Steele (R-WI), chairman of the House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, commented on the Americas’ right to have transaction privacy at hearings.
To learn more about how to contact your elected officials to tell them support Clarity Act, visit saveourwallets.org.
