TechFlow news, January 13 — According to The Block, on January 12, Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden jointly introduced the "Blockchain Regulatory Certainty Act," which clarifies that software developers who do not control user funds should not be deemed money transmitters. This bill aligns with prior efforts in the House of Representatives and is expected to be incorporated into broader cryptocurrency market structure legislation under consideration by the Senate Banking Committee.
The Senate Banking Committee plans to hold a hearing this Thursday to revise and vote on comprehensive regulatory legislation targeting the crypto industry, with the legislative text anticipated to be released early this week. Meanwhile, the Senate Agriculture Committee’s previously scheduled review of its own crypto market structure bill has been postponed to later this month.
Key points of legislative negotiation include the treatment of stablecoin yields, potential conflicts of interest related to the Trump family's cryptocurrency ventures, and the role of decentralized finance (DeFi). The DeFi Education Foundation emphasized that the bill is crucial for protecting software developers and self-custody rights.
