Odaily Planet Daily reports that Fox Business’s crypto journalist posted on X that U.S. House Republican Whip Emmer told Kristin Smith at the Solana Institute summit that he is concerned about the amendments to BRCA. Emmer said, “I don’t like the fact that you’re actually giving up the safe harbor for criminal liability—I am worried that local prosecutors will typically turn this into a weaponized tool.” Emmer, the original sponsor of BRCA, first introduced the bill in the House in 2018.
US House GOP Whip Emmer Expresses Concerns Over BRCA Amendments
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Summary
At a recent Solana Institute Summit, U.S. House GOP Whip Tom Emmer expressed concerns about proposed changes to the Bankruptcy Reform and Consumer Act (BRCA), warning that they could eliminate safe harbor provisions shielding entities from criminal liability. As the original 2018 sponsor of the BRCA, Emmer emphasized the risk that prosecutors might use the revised compliance framework to target crypto firms. He also underscored the importance of aligning the changes with CFT (Countering the Financing of Terrorism) requirements to prevent unintended regulatory exposure.
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