US House Adds Developer Protection Clause to Major Virtual Asset Regulatory Bill

According to The Block, a media platform specializing in virtual assets (cryptocurrencies), on the 9th (local time), the US House of Representatives has newly included a software developer protection clause in the large-scale Digital Asset Market structure bill under discussion. This is interpreted as a result of continued pressure from the virtual asset industry.

The House is set to review amendments for major virtual asset bills, including the Digital Asset Market Clarity Act, and the newly revised bill contains a provision that developers of non-custodial P2P platforms will not be treated as unlicensed money transmitters.

This clause was drawn from the Blockchain Regulatory Certainty Act, jointly introduced last month by Republican Representative Tom Emmer and Democratic Representative Ritchie Torres, and is regarded as a key safeguard for developer protection.

Major organizations such as Coin Center, DeFi Education Fund, Crypto Council for Innovation, Uniswap Labs, and Blockchain Association commented, "This is an important step forward that protects developers of decentralized P2P technology while maintaining robust oversight for custodial institutions."

The revised bill totals 247 pages and was submitted to replace the entirety of the previous bill. The House Financial Services Committee is scheduled to review a total of 8 virtual asset-related bills on this day. The Clarity Act specifies the jurisdictions of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as requirements for asset segregation and disclosure of information by virtual asset companies.

However, the advancement of the bill faces opposition from some Democratic representatives. In particular, concerns have been raised about President Donald Trump's activities related to virtual assets.

Recently, Trump launched the 'World Liberty Financial (WLFI)' project and his own stablecoin, and caused controversy by holding a dinner inviting major holders.

Meanwhile, Democratic aides recently criticized the SEC during a technical advisory meeting, claiming that SEC officials evaded questions and appeared unwilling to discuss key aspects of the bill.

The official review of this bill is scheduled to begin at 10 a.m. (local time) on the 10th.