Senators pitch bill to lock in protections for crypto developers
The Blockchain Regulatory Certainty Act aims to clarify that writing software and maintaining networks don’t trigger federal or state money-transfer requirements.
US Senators Cynthia Lummis and Ron Wyden have introduced standalone legislation to ensure that blockchain developers and service providers who don’t directly handle user funds are exempt from money transmitter regulations.
The Blockchain Regulatory Certainty Act (BRCA), introduced by Lummis and Wyden on Monday, aims to clarify that writing software or maintaining networks doesn’t trigger federal or state money-transfer requirements.
There have been mounting concerns among crypto developers about being held criminally liable for the way people choose to use their software.