US Senator Lummis Introduces the "Blockchain Regulatory Certainty Act" to Protect Developers in the Crypto Sector

PANews, January 13 – According to The Block, U.S. Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden have introduced a bill that explicitly states software developers who do not control user funds will not be considered money transmitters—at a time when senators are rapidly preparing a broader cryptocurrency bill. The “Blockchain Regulatory Certainty Act” proposed by Lummis and Wyden was submitted on Monday and echoes work already completed in the House of Representatives. The bill will establish clear guidelines for when developers and service providers can be exempt from compliance with money transmission laws. Wyden stated, “Forcing developers who write code to follow the same rules as exchanges or brokers is technically unreasonable and would lead to violations of Americans’ privacy and freedom of speech.” According to sources familiar with the matter, this Senate bill may be incorporated into the current version of the cryptocurrency market structure legislation by the Senate Banking Committee.

Previously, the U.S. Senate Agriculture Committee postponed the review of the crypto market structure bill to the last week of January.