Senators Propose Bill to Protect Developers from Money Transmitter Rules
Senators Lummis and Wyden introduced legislation to exempt blockchain developers from money transmitter regulations.Summary
US Senators Cynthia Lummis and Ron Wyden introduced the Blockchain Regulatory Certainty Act (BRCA) to clarify that writing software or maintaining blockchain networks does not trigger federal or state money-transfer requirements for developers who do not handle user funds. This move addresses growing concerns among developers about criminal liability, highlighted by the recent conviction of Tornado Cash co-founders. Senator Lummis stated the bill offers necessary clarity to foster digital finance innovation without fear of prosecution for non-risky activities, arguing that current uncertainty has pushed innovation offshore. The BRCA offers similar protections to those included in the broader crypto market structure bill heading for a Senate Banking Committee markup. The crypto industry, including groups like the DeFi Education Fund and the Blockchain Association, has strongly endorsed the BRCA, emphasizing its necessity for protecting non-custodial, decentralized technology developers and ensuring US innovation.
(Source：Cointelegraph)