According to Cointelegraph, U.S. Senator Cynthia Lummis stated that the revised CLARITY Act will provide "the strongest protections" for DeFi and developers. In response to concerns raised by crypto lawyer Jake Chervinsky regarding developer liability provisions in the draft, she noted that bipartisan adjustments have been made to strengthen legal safeguards for non-custodial software developers. However, Chervinsky pointed out that the current draft’s definition of money transmission may still expose certain DeFi developers to liability risks, as the relevant provisions remain insufficiently clarified. The report noted that the latest revised version of the bill has not yet been made public and is expected to advance to the Senate Banking Committee for review in April.
U.S. Senator: Revised CLARITY Act to Provide 'Strongest Protection' for DeFi and Developers
TechFlowShare
Summary
U.S. Senator Cynthia Lummis said the revised CLARITY Act will provide the strongest protections for DeFi and developers. She addressed concerns raised by crypto lawyer Jake Chervinsky regarding developer liability, emphasizing bipartisan amendments designed to protect creators of non-custodial software. Chervinsky warned that the draft’s money transmission language could still present risks. The updated bill, which includes CFT (Countering the Financing of Terrorism) compliance measures, will be submitted to the Senate Banking Committee in April. Legal clarity is essential for liquidity and crypto markets, Lummis said.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.