US Senator Lummis co-introduces bill stating that some software developers should not be considered money transmitters

Foresight News reported, citing The Block, that on January 12, U.S. Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden jointly introduced the Blockchain Regulatory Certainty Act, clarifying that software developers who do not control user funds should not be considered money transmitters. This bill echoes previous work in the House of Representatives and is expected to be incorporated into the Senate Banking Committee's crypto market structure legislation. Key points of legislative negotiations include the handling of stablecoin yields, conflicts of interest in the Trump family's crypto business, and the role of DeFi.