Tom Emmer Says CLARITY Act Must Preserve DeFi Developer Protections
Summary
- Tom Emmer said he supports DeFi developer protection provisions and defended the CLARITY Act.
- He said he strongly supports the Blockchain Regulatory Certainty Act (BRCA), which would exempt DeFi software developers without custody authority from money-transmitter regulation.
- Emmer said the bills, if passed, could boost the global competitiveness of the U.S. digital-asset market and influence the DeFi industry's integration into the regulated financial system.
Forecast Trend Report by Period
House Majority Whip Tom Emmer defended the CLARITY Act and stressed the need to preserve protections for decentralized finance, or DeFi, developers. The market is closely watching the direction of U.S. crypto regulation and its potential impact on the DeFi industry.
CoinDesk reported on May 22 that Emmer strongly supports the Blockchain Regulatory Certainty Act, or BRCA, which would exempt DeFi software developers that do not have custody of customer funds from money-transmitter regulation.
He argued that it is unfair to regulate developers who do not directly hold user assets. He also said the patchwork of state-level rules across the U.S. is hampering innovation.
Emmer said the CLARITY Act, which passed the Senate Banking Committee with bipartisan support, could improve the global competitiveness of the U.S. digital-asset market. He also called for a light-touch regulatory approach that would limit regulators' authority.
He added that the related bills could soon pass Congress and be signed by President Donald Trump. The market is also weighing whether the congressional push on crypto legislation could affect the DeFi industry's integration into the regulated financial system.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
