Sen. Cynthia Lummis (R-Wyo.) and Sen. Ron Wyden (D-OR) put forth a bipartisan bill on Monday with the intent to shield blockchain developers from being categorized as money transmitters under federal law.
‘Stop Treating Software Developers Like Banks’
The Blockchain Regulatory Certainty Act aims to exempt “non-controlling” software developers and infrastructure providers from federal money transfer requirements.
Non-controlling developers are defined as those who develop or maintain blockchain-based ledgers but lack the legal authority to control transactions without third-party approval.
The bill also designated offering hardware or software for customer self-custody solutions and infrastructure support to maintain distributed ledger services as “protected” activities.
“This …Full story available on Benzinga.com
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