Odaily Planet News: Senators Cynthia Lummis and Ron Wyden announced that they have reintroduced a bipartisan bill aimed at clarifying the circumstances under which cryptocurrency developers and infrastructure providers are considered money transmitters under federal law. The bill, known as the Blockchain Regulatory Certainty Act, seeks to distinguish between developers who write or maintain blockchain software and financial intermediaries who control customer funds. According to the bill, developers and infrastructure providers who do not have the legal right or unilateral ability to move users' digital assets will be excluded from the federal definition of money transmitters. Cynthia Lummis stated that developers who merely write code and maintain open-source infrastructure should not be classified as money transmitters if they do not access, control, or handle user funds. Ron Wyden noted that requiring code writers to follow the same rules as exchanges or brokers is technically infeasible and could infringe on privacy and freedom of speech.
U.S. Senators Propose Bill to Clarify Legal Liability for Crypto Developers
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Summary
U.S. Senators Cynthia Lummis and Ron Wyden have reintroduced the Blockchain Regulatory Certainty Act, a bipartisan initiative aimed at defining legal liability for cryptocurrency developers and infrastructure providers. The bill clarifies that developers who do not have control over user funds should not be classified as money transmitters under federal law. Lummis stated that code writers without access to funds should not be subject to the same regulations as exchanges. Wyden added that applying CFT (Countering the Financing of Terrorism) regulations to developers is impractical and could harm privacy. The proposal aims to support liquidity and the crypto markets by reducing regulatory uncertainty for key participants.
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