U.S. Senator Ron Wyden has urged Senate leaders to maintain Section 604 of the Blockchain Regulatory Certainty Act within the Clarity Act. This provision, which offers a safe harbor for non-custodial blockchain developers by clarifying they are not money transmitters, has garnered strong support from the crypto industry. Proponents argue it provides essential legal certainty and prevents innovation from moving offshore.
However, the provision faces opposition from law enforcement and Catholic leaders, who claim it could hinder efforts to combat human trafficking and impede investigations. Wyden countered these concerns, asserting that the provision aligns with DOJ and FinCEN policies, ensuring focus on illicit money transmission while excluding protection for developers involved in illegal activities. The debate over this provision, alongside an ethics clause, remains a key hurdle as the Senate approaches its August recess.
Senator Wyden Advocates for Blockchain Developer Protections in Clarity Act
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
