Techub News reports that the leader of the U.S. Senate Judiciary Committee is seeking to remove developer protection provisions from the Senate’s Cryptocurrency Market Structure Bill, arguing that these provisions would weaken the legal enforcement against unlicensed remittance businesses. Chairman of the Senate Judiciary Committee Charles Grassley and the committee’s senior Democrat Richard Durbin wrote to Senate Banking Committee Chairman Tim Scott and senior Democrat Elizabeth Warren, stating that the current draft would “create significant enforcement loopholes for decentralized digital asset platforms.” “Such regulatory gaps could attract criminal organizations—such as cartels and other complex criminal gangs—to flood decentralized platforms,” they added. “Criminals are already accustomed to concealing illegal transactions. This bill would make prosecuting such activities even more difficult.”
The draft bill released on January 12 includes provisions of the Blockchain Regulatory Certainty Act (BRCA), which aims to clarify that activities related to crypto software development and network maintenance are not subject to federal or state money transfer regulations.
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