PANews reported on January 13th that, according to The Block, Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden introduced a bill explicitly stating that software developers who do not control user funds should not be considered money transferors—as senators rapidly work towards a broader cryptocurrency bill. The "Blockchain Regulatory Certainty Act," introduced by Lummis and Wyden, was submitted Monday and echoes work already completed in the House of Representatives. The bill would establish clear guidelines on under what circumstances developers and service providers can be exempt from laws related to money transfers. Wyden stated in a statement, "Forcing developers who write code to follow the same rules as exchanges or brokers is technically unreasonable and constitutes an infringement on Americans' privacy and freedom of speech rights." Sources indicate that the Senate bill may be incorporated into the current version of cryptocurrency market structure legislation by the Senate Banking Committee.
According to previous reports,the U.S. Senate Agriculture Committee will continue to review the cryptocurrency market structure bill until the last week of January .
