In a significant development for the cryptocurrency industry, US Senators Cynthia Lummis and Ron Wyden have introduced the Blockchain Regulatory Certainty Act. This legislation aims to provide much-needed clarity and protection for blockchain developers and non-custodial infrastructure providers. According to the results published in the material, the bill could significantly impact the future of blockchain technology in the United States.
Overview of the Blockchain Regulatory Certainty Act
The Blockchain Regulatory Certainty Act seeks to prevent blockchain developers from being classified as money transmitters simply for writing code or maintaining networks. By establishing a safe harbor for those who do not control user funds, the bill ensures that liability is determined based on actual custody or control of assets, rather than the act of software creation.
Industry Response and Implications
This legislative effort comes in response to increasing pressure from industry groups advocating for clearer legal definitions surrounding the roles of developers in the crypto ecosystem. As the industry continues to evolve, the introduction of this bill could play a crucial role in fostering innovation while safeguarding developers from regulatory overreach.
Recently, the crypto industry has raised concerns about the potential impact of political pressures on the Federal Reserve's independence, highlighting the need for a stable macroeconomic environment. For more details, see read more.
