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.
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Eight Crypto Firms Show Support for BRCA’s Inclusion in CLARITY Act
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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
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Peter Van Valkenburgh stated that the updated CLARITY Act mirrors the core tenets of FinCEN's 2019 guidance and commended lawmakers for achieving a major step forward for non-custodial blockchain developers.
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