BRCA provisions are built on the Financial Crimes Enforcement Network (FinCEN) guidance of 2019, which stated that developers who do not hold user funds are not subject to money transmission regulations

Quotes that support claims

Peter Van Valkenburgh of Coin Center confirmed the bill reflects 2019 guidance issued by FinCEN. That guidance stated that developers not holding funds do not fall under money transmission rules. BRCA aims to formalize this into law, giving developers more certainty.

He also said that the latest version of the CLARITY Act matches the key points of the 2019 FinCEN guidance. He further mentioned that lawmakers who voted for the changes should be praised for making this a big milestone for non-custodial developers.