U.S. senator introduces bill to protect Bitcoin developers, blocking classification as money transmitters
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Summary
- She said legislative efforts in the U.S. Congress are continuing to address legal uncertainty for Bitcoin developers.
- She said Sen. Cynthia Lummis introduced a bill to protect Bitcoin developers from being classified as money transmitters.
- She said the bill aims to ease concerns that innovation in decentralized networks could be stifled by excluding developers and software authors who do not directly hold or control users' funds from regulation.
Legislative efforts in the U.S. Congress are continuing to address legal uncertainty facing Bitcoin developers.
According to Bitcoin Magazine on the 13th (local time), Republican Sen. Cynthia Lummis said she has introduced a bill to protect Bitcoin developers from being classified as money transmitters.
Regarding the legislation, Lummis said, "This bill provides the clarity developers need to build the future of digital finance without fear of criminal penalties." The bill focuses on excluding from regulation developers and software authors who do not directly hold or control users' funds.
The proposal is seen as reflecting concerns about applying existing financial regulations to individuals who develop, maintain or service code in decentralized networks. The industry has long warned that regulating developers on the same footing as intermediaries could stifle innovation.
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