According to The Block, on January 12, U.S. Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden jointly introduced the "Blockchain Regulatory Certainty Act," which clearly states that software developers who do not control users' funds should not be considered money transmitters. The bill aligns with previous efforts in the House of Representatives and is expected to be incorporated into the Senate Banking Committee's broader legislation on crypto market structure. The Senate Banking Committee plans to hold a hearing this Thursday to revise and vote on a comprehensive regulatory bill for the crypto industry, with the bill's text expected to be released early this week. Originally scheduled for the same day, the Senate Agriculture Committee's review of its own crypto market structure bill has been postponed to later this month. Key points of legislative negotiations include the treatment of stablecoin earnings, conflicts of interest related to the Trump family's crypto business, and the role of decentralized finance (DeFi). The DeFi Education Fund emphasized the importance of the bill in protecting software developers and self-custody rights.
U.S. Senators Propose Bill to Protect Crypto Developers as Regulatory Framework Nears
TechFlowShare
Summary
U.S. Senators introduced the Blockchain Regulatory Certainty Act on January 12, aiming to protect cryptocurrency developers from being classified as money transmitters if they do not handle user funds. The bill supports the House's ongoing efforts to update the cryptocurrency market and is likely to be included in the Senate Banking Committee's broader cryptocurrency market structure bill. A hearing is scheduled for Thursday, with a draft expected to be released this week. The Agriculture Committee has postponed its review to later in the month. Discussions will cover topics such as stablecoin yields, the future of DeFi, and cryptocurrency interests linked to Trump. The DeFi Education Fund has emphasized the bill's role in safeguarding developers and user rights. This development comes amid a pivotal cycle of cryptocurrency-related news shaping the U.S. regulatory landscape.
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.