A PDF version of this filing is available here.
Dear Chairman Scott, Ranking Member Warren, Chairman Lummis, and Ranking Member Gallego:
On behalf of Coin Center, I write to express our support for the Digital Asset Market Clarity Act. Since 2018, Coin Center has called for the creation of a de novo federal regulatory framework for trusted entities operating in the cryptocurrency ecosystem. We appreciate the Committee’s leadership in advancing a thoughtful and comprehensive framework for market regulation.
We are especially encouraged by the inclusion of Section 604 in the current draft. Coin Center has long championed the Blockchain Regulatory Certainty Act (BRCA), and we believe this provision provides long-overdue clarity for developers and infrastructure providers building non-custodial blockchain technologies. By codifying the principles reflected in FinCEN’s 2019 guidance, the BRCA helps ensure that Americans can continue to innovate without fear of being improperly regulated or prosecuted as unlicensed money transmitters.
We also appreciate the Committee’s engagement with stakeholders, including Coin Center, on other aspects of the bill—particularly provisions clarifying that truly decentralized finance tools are not subject to registration requirements intended for intermediaries. These provisions represent important progress in recognizing the distinction between open-source software and regulated financial services, while helping align the regulatory framework with core American values such as free expression and permissionless innovation.
We thank you for your continued work and welcome the opportunity to stay engaged on further policy developments in this space.
Sincerely,
Peter Van Valkenburgh
Coin Center Executive Director