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

PANews January 13 News, according to The Block, U.S. Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden have introduced a bill that explicitly states that software developers who do not control user funds are not considered money transmitters — as the senators are quickly preparing a broader cryptocurrency bill. The “Blockchain Regulatory Certainty Act” proposed by Lummis and Wyden was submitted on Monday and aligns with the work already completed by 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 in a release: “Forcing developers who write code to follow the same rules as exchanges or brokers is technically unreasonable and would infringe on Americans’ privacy and free speech rights.” Sources say that this Senate bill may be incorporated into the current version of the cryptocurrency market structure legislation by the Senate Banking Committee.
Earlier reports indicate that the U.S. Senate Agriculture Committee will review the Cryptocurrency Market Structure Act until the last week of January.