ChainCatcher reports that Eleanor Terrett revealed that U.S. Republican lawmakers Fitzgerald (Wisconsin) and Cline (Virginia), along with Democratic lawmaker Lofgren (California), jointly introduced the “Blockchain Development and Innovation Act,” aimed at clarifying the scope of Section 1960 of the Criminal Code.
The bill explicitly states that Section 1960 applies only to entities controlling customer funds, not to developers who simply write code. Previously, cases involving TornadoCash and Samourai Wallet saw regulators applying this provision to non-custodial software developers, sparking strong backlash from the crypto industry. This bill will provide legal protection for blockchain developers and address the long-standing conflict between crypto innovation and regulation.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
U.S. Treasury Urges Law Allowing Crypto Exchanges to Freeze Funds
U.S. Department of the Treasury proposed a law allowing exchanges to freeze suspicious crypto funds during probes.
The report says a “hold law” would let platforms pause transfers without a court order while law enforcement investigates.
Treasury also urged clearer AML rules for DeFi
CryptoFrontNews5m ago
Justin Sun Reaffirms Zero-Tolerance Policy on Illegal Activities at Tron
TRON founder Justin Sun says his companies maintains zero tolerance against illegal activities like embezzlement, unauthorised computer access and bribery.
He threatened legal action against those who spread false rumors online and ‘smear judicial organs’ just days after two of his companies
CryptoNewsFlash2h ago
OCC, Fed, and FDIC Clarify Capital Rules for Tokenized Securities
Regulators equalize capital rules for tokenized securities.
Permissionless and permissioned blockchains treated the same.
Tokenized securities qualify as financial collateral.
US banking agencies have clarified that tokenized securities should be treated similarly to the capital treatment
Blockzeit3h ago
US Treasury Turns to AI to Combat Crypto Fraud After $9B in Losses
The United States Treasury plans to utilize artificial intelligence technology.
Blockchain analytics in the fight against cryptocurrency-related fraud after the total loss exceeded $9 billion.
The officials are of the opinion that the technology can help identify fraud patterns at an early
TheNewsCrypto3h ago
BitGo Europe obtains dual authorization from Germany's BaFin, covering both MiCAR and PSD2 licenses
Gate News Announcement, March 9 — BitGo Europe has officially received dual authorization from the German Federal Financial Supervisory Authority (BaFin), holding both a MiCAR license (EU Crypto Asset Market Regulation) and a PSD2/ZAG license (EU Payment Services Directive) specifically for EMT (Electronic Money Token) payment services. BitGo stated that although MiCAR is a milestone for the industry, many in the industry still face challenges when handling EMT.
GateNews3h ago
Senate-Audited Clarity Act Lurches Toward Late March
Washington’s long-running fight over crypto market structure is entering another high-stakes stretch, with lawmakers eyeing a late-March markup even as fresh opposition from the banking lobby threatens to stall the deal again.
Industry reports say negotiators have been trying to clear procedural an
DailyCoin4h ago
