On May 21, U.S. Congressman Tom Emmer reintroduced the Blockchain Regulatory Certainty Act (BRCA)—a bipartisan bill co-sponsored with Congressman Ritchie Torres—aimed at bringing much-needed legal clarity to the U.S. crypto industry.
Aimed at Non-Custodial Crypto Providers
The bill reaffirms that blockchain developers, miners, validators, and non-custodial wallet providers should not be classified as money transmitters under existing regulations—provided they do not hold custody of consumer funds. This clarification is intended to shield innovators from unnecessary regulatory burdens and prevent overreach from financial watchdogs.
Addressing the Regulatory Gray Area
According to Emmer, the lack of clear regulations is a key driver of innovation flight, pushing blockchain development to more crypto-friendly jurisdictions overseas.
“The longer we delay this commonsense clarification, the greater the risk that this transformative technology is pushed overseas, harming American investors and innovators,” Emmer said.
Congressman Torres echoed the sentiment, stating:
“If we want to keep the next generation of builders in the United States, this kind of legal clarity is essential. We cannot afford to let outdated or misapplied regulations drive American talent and technology overseas.”
Broad Industry Support and a Renewed Push
The revived bill has received endorsements from leading crypto policy organizations, including Coin Center, DeFi Education Fund, Blockchain Association, Solana Policy Institute, and the Crypto Council for Innovation.
Originally introduced by Emmer in 2018, the bill has undergone refinements to address prior legislative concerns and improve its chances of passing committee scrutiny this time.
State-Level Crypto Momentum Grows
In related news, the Texas House recently approved the Strategic Bitcoin Reserve Bill (SB 21) in a 101–42 vote. The bill, now awaiting the Governor’s signature, would allow Texas to buy, sell, and manage high-market-cap cryptocurrencies as part of its investment strategy to enhance economic resilience.
Meanwhile, Michigan introduced four new crypto bills on May 21, including proposals to allow state retirement funds to invest in crypto, ban central bank digital currencies (CBDCs), and enable Bitcoin mining on abandoned oil and gas wells.
With crypto reserve legislation pending in 18 states, gaining traction in others, and rejected in five, the national landscape around blockchain and digital assets continues to evolve rapidly.
