Senators move to shield crypto developers as lawmakers race toward advancing sweeping digital asset bill
Senators Lummis and Wyden introduced a bill to exempt non-custodial crypto developers from money transmitter laws ahead of a broader Senate crypto bill vote.Summary
Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden introduced the Blockchain Regulatory Certainty Act, which clarifies that software developers who do not control user funds are not considered money transmitters. This move mirrors similar efforts in the House and aims to establish clear guardrails for exempting developers and service providers from money transmitting laws, which Wyden argued is necessary to protect privacy and free speech rights.
This specific bill is expected to be incorporated into the Senate Banking Committee's comprehensive cryptocurrency market structure legislation. The committee is reportedly moving quickly toward a hearing this Thursday to amend and vote on the sweeping bill. Negotiations surrounding the broader legislation have involved various stakeholders, addressing complex issues like stablecoin yield and the role of decentralized finance (DeFi). Industry groups have been actively lobbying committee members for protections related to software developers and self-custody.
(Source：The Block)