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Bipartisan US Senators Propose Clarifying Legal Responsibilities for Cryptocurrency Developers
Summary: In a joint effort, Senators Cynthia Lummis and Ron Wyden reintroduced a bipartisan bill aimed at clarifying the specific circumstances under which cryptocurrency developers and infrastructure providers are considered money transmitters under federal law. The bill, known as the Blockchain Regulatory Certainty Act, seeks to differentiate developers who write or maintain blockchain software from financial ...
In a joint effort, Senators Cynthia Lummis and Ron Wyden reintroduced a bipartisan bill aimed at clarifying the specific circumstances under which cryptocurrency developers and infrastructure providers are considered money transmitters under federal law. The bill, known as the Blockchain Regulatory Certainty Act, seeks to differentiate developers who write or maintain blockchain software from financial intermediaries that control customer funds. According to the bill, developers and infrastructure providers will be excluded from the federal legal definition of money transmitters as long as they do not have the legal right or unilateral ability to move user digital assets. Cynthia Lummis stated that developers who only write code and maintain open-source infrastructure should not be classified as money transmitters if they do not touch, control, or access user funds. Ron Wyden argued that forcing code-writing developers to comply with the same rules as exchanges or brokers is technically infeasible and could potentially infringe on privacy and freedom of speech.
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Link: Bipartisan US Senators Propose Clarifying Legal Responsibilities for Cryptocurrency Developers [Copy]
