TREE NEWS reports: Coin Center said the revised BRCA text removes explicit criminal liability protection for developers who do not control user funds under 18 U.S.C. 1960. The revised text still shields such developers from being treated as money transmitters under the Bank Secrecy Act and FinCEN rules, making prosecution for operating without a money transmitter license harder. But it does not block prosecutors from arguing developers knowingly transmitted crime-derived funds, the theory central to the Roman Storm and Samourai Wallet cases.
Coin Center: Revised BRCA Drops Explicit Criminal Shield for Non-Custodial Developers
AI take
The narrowing matters because the legal risk for non-custodial developers is shifting from licensing to criminal money-transmission theory, the same hook prosecutors are already testing. The BSA and FinCEN carve-out helps at the administrative level, but without a statutory shield the outcome may rest on how courts read intent and control in pending cases. Whether the revised language is treated as sufficient by the industry, or whether the Storm and Samourai precedents harden into the operative standard, is the open question.
Generated by AI for reference only.
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