Lummis and Wyden Introduce Bill Exempting Blockchain Developers From Money Transmitter Rules
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A bipartisan Senate proposal, the Blockchain Regulatory Certainty Act, clarifies that blockchain developers are not considered money transmitters. The bill exempts developers without control over funds from federal transfer regulations, aiming to retain U.S. crypto talent and provide regulatory clarity.
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- Lummis and Wyden introduce a bill clarifying that developers aren’t money transmitters.
- Bill exempts developers without fund control from federal transfer rules.
- Regulatory clarity seeks to stop U.S. crypto talent from moving offshore.
A bipartisan Senate proposal aims to resolve longstanding confusion about whether writing blockchain software constitutes operating a financial services business. Senator Cynthia Lummis partnered with Senator Ron Wyden to draft the Blockchain Regulatory Certainty Act. This establishes that creating code differs fundamentally from managing customer assets.
The Wyoming Republican chairs the Senate Banking Digital Assets Subcommittee. She argued on X that building infrastructure without handling funds should not trigger bank-like oversight.
Read The Full Article Lummis and Wyden Introduce Bill Exempting Blockchain Developers From Money Transmitter Rules On Coin Edition.
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