US Senators Lummis and Wyden Introduce Blockchain Regulatory Certainty Act

U.S. Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden have jointly introduced the "Blockchain Regulatory Certainty Act," which clearly stipulates that software developers who do not control user funds will not be regarded as money transmitters. The bill was submitted on Monday and aligns with related work already completed in the House of Representatives, aiming to establish specific guidelines exempting developers and service providers from complying with laws related to money transmission. Wyden stated that requiring software developers to follow the same rules as exchanges or brokers is both unreasonable and could infringe on privacy and freedom of speech rights. Reportedly, the bill may be incorporated into the current version of the cryptocurrency market structure legislation in the Senate Banking Committee. In addition, the U.S. Senate Agriculture Committee plans to review the crypto market structure bill in the last week of January.