Bipartisan co-chairs of the Blockchain Caucus send a letter to the House of Representatives asking them to take up the issue of the expanded definition of “broker” under Section 80603. The letter states that noncustodial blockchain technology providers like validators and software developers are not middlemen between parties to exchange, do not have customers, and have no way to collect this information. As a result, the requirements of Section 80603, as currently drafted, could drive blockchain software development, cryptocurrency mining, and similar opportunities out of the United States.
