Odaily Planet Daily reports that, according to the DeFi Education Fund, U.S. Representatives Scott Fitzgerald, Ben Cline, and Zoe Lofgren jointly introduced the "Blockchain Development Innovation Act of 2026," aiming to clarify the scope of "unlicensed money transmitting business" under Title 18, Section 1960 of the United States Code.
The bill seeks to clarify that Section 1960 applies only to entities that control customer assets and transmit funds on behalf of customers, and should not extend to blockchain software developers who do not hold user funds. The proposed language states that this aligns with congressional intent and the long-standing regulatory interpretation of the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, aiming to reduce the risk of developers facing inappropriate criminal charges.