The US Judiciary Committee opposes Section 604 of the CLARITY Act

On January 17th, the head of the US Senate Judiciary Committee wrote to the Senate Banking Committee opposing Section 604 of the Blockchain Regulatory Certainty Act, arguing that it would weaken federal regulations on fund transfers. The Republican Chairman of the Judiciary Committee, Chuck Grassley, and the Chief Democratic Congressman, Dick Durbin, pointed out in a letter that this provision aims to protect software developers from criminal liability for third-party misuse of their products, but may weaken the current regulations' ability to hold unlicensed fund transfer businesses accountable. The letter cites the case of the Department of Justice suing Tornado Cash developer Roman Storm, emphasizing the importance of current regulations and urging the rejection of relevant provisions. The banking committee was scheduled to debate and vote on the bill on Thursday, but the agenda was cancelled due to opposition.