US Senators Lummis and Wyden Submit Blockchain Regulatory Certainty Act

Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden jointly proposed the Blockchain Regulatory Certainty Act, which explicitly states that software developers who do not control user funds are not considered fund transmitters. The bill was submitted on Monday and is consistent with the relevant work already completed by the House of Representatives, aiming to establish specific guidelines for developers and service providers to be exempt from complying with laws related to fund transfers. Wyden stated that requiring software developers to follow the same rules as exchanges or brokers is neither reasonable nor may it violate privacy and freedom of speech rights. It is reported that the bill may be included in the current version of the cryptocurrency market structure legislation of the Senate Banking Committee. In addition, the Senate Agriculture Committee plans to review the Crypto Market Structure Act in the last week of January.