On the twenty-first day of May, in the year of our Lord two thousand and twenty-five, the esteemed Congressman Tom Emmer did once again grace the halls of legislative endeavor with the reintroduction of the Blockchain Regulatory Certainty Act, or as it is affectionately known, the BRCA. This noble undertaking is co-led by none other than the illustrious Congressman Ritchie Torres, a partnership that surely has the makings of a delightful political romance.
The essence of this bill, dear reader, is rather straightforward: if those enterprising souls who develop and provide services in the realm of cryptocurrency do not take custody of the funds belonging to the good citizens, they ought not to be burdened with the classification of money transmitters under the current, and may I say, rather convoluted regulations.
This clarification, one might argue, is a beacon of legal certainty for the blockchain developers, miners, validators, and those who provide crypto wallets, who are diligently crafting non-custodial services. How very modern and forward-thinking!
Clarity for Developers, Miners, and Validators
The legislation seeks to address the rather pressing concern that the murky waters of regulation are driving American innovation in cryptocurrency to foreign shores, much like a wayward ship lost at sea.
Both congressmen, in their infinite wisdom, assert that this bill shall protect innovation whilst ensuring that oversight remains appropriately stringent. They have taken great care to refine the framework, having learned from the past when similar proposals were met with a resounding “no” in committee. How delightful it is to witness such growth!
“The longer we delay this commonsense clarification, the greater the risk that this transformative technology is pushed overseas, harming American investors and innovators,” declared Emmer, with all the fervor of a true patriot.
“If we wish to retain the next generation of builders within our fair borders, this kind of legal clarity is essential,” added Torres, who, with a flourish, proclaimed, “We cannot afford to let outdated or misapplied regulations drive American talent and technology overseas.”
Several esteemed industry organizations have rallied behind this reintroduction, including Coin Center, DeFi Education Fund, Blockchain Association, Solana Policy Institute, and the Crypto Council for Innovation. A veritable chorus of support!
It is worth noting that Emmer first introduced this bill in the year of our Lord two thousand and eighteen, and this current iteration represents a continued effort to establish regulatory clarity. A noble pursuit indeed!
Texas Bitcoin Reserve Bill Passes
In a delightful twist of fate, the Texas strategic Bitcoin reserve bill, known as SB 21, has triumphantly passed its third reading with a vote of 101 to 42 and now makes its way to the Governor’s desk for a signature. How thrilling!
This bill establishes the reserve as an investment vehicle, permitting the state to actively buy, sell, and manage high market cap crypto assets for the sake of financial security and economic resilience. One can only imagine the excitement in the Lone Star State!
JUST IN: TEXAS PASSES STRATEGIC BITCOIN RESERVE BILL
SB 21 passes third reading by a vote of 101-42 and now heads to the Governor’s desk for signature.
— Bitcoin Laws (@Bitcoin_Laws) May 21, 2025
Furthermore, on this very day, four new crypto-related bills were introduced in Michigan, proposing to allow the state retirement fund to invest in crypto, ban central bank digital currencies, and permit Bitcoin mining on abandoned oil and gas wells. How resourceful!
As it stands, Arizona and New Hampshire are the only two states to have enacted crypto reserve bills, while strategic Bitcoin reserve bills are pending in eighteen states, under consideration in one, and have been rejected in five. A veritable tapestry of legislative activity!
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2025-05-23 01:02