And it's not the part that gets the most

attention.

I'm going to go back to the Blockchain Regulatory Certainty Act, which I still think is the most important part of this bill.

It tells software developers that if you are not custodying or controlling other people's money, you are not going to be responsible as a money transmitter, which has both criminal code implications and regulatory implications.

Running a validator, operating a node, creating an Oracle service, simply providing a user interface, those things are not the type of activity that those statutes are meant to regulate and therefore you don't need to register for doing only those activities.

Beyond

There are 25 tokens

in the bill that do not exist.

Tell us about that and how that helps DeFi.

Sure.

So the BRCA, the Blockchain Regulatory Certainty Act, actually has a long history of bipartisan support, even before Senators Lummis and Wyden introduced it this Congress.

So it was actually first introduced in the House by Whip Emmer and this cycle by Representative Torres together, which made it bipartisan.

And what it does is protect developers who don't have control or custody over anybody else's money from being treated like money transmitters, right? Because money transmitters transfer funds on behalf of other people.

So the Bank Secrecy Act defines money services businesses, MSBs, or money transmitters.

And then there's a criminal code provision, Section 1960, that says that if you operate an unlicensed money transmitting business, then that's a criminal felony, right? So there's two mechanisms here for enforcement, the BSA and the criminal code.

How does that work out with reporting to the government with transactions and revenue and all these things? Are we there yet where we have the clear rules to say, well, this is where things have to be reported and so forth?