Bipartisan U.S. Senators Propose Bill to Clarify Legal Responsibilities of Crypto Developers

Odaily News According to Senators Cynthia Lummis and Ron Wyden, the two have reintroduced a bipartisan bill aimed at clarifying the specific circumstances under which crypto developers and infrastructure providers are considered money transmitters under federal law. The bill, known as the Blockchain Regulatory Certainty Act, seeks to distinguish between developers who write or maintain blockchain software and financial intermediaries that control customer funds. According to the bill's content, as long as developers and infrastructure providers do not possess the legal right or unilateral ability to move users' digital assets, they will be excluded from the federal legal definition of money transmitters. Cynthia Lummis stated that developers who merely write code and maintain open-source infrastructure should not be classified as money transmitters if they do not handle, control, or have access to user funds. Ron Wyden said that forcing developers who write code to follow the same rules as exchanges or brokers is technically unfeasible and could infringe on privacy and freedom of speech.