Odaily Planet Daily reports that according to the DeFi Education Fund, U.S. Representatives Scott Fitzgerald, Ben Cline, and Zoe Lofgren jointly proposed the “Blockchain Development and Innovation Act of 2026,” aiming to clarify the scope of Title 18, Section 1960 of the U.S. Code regarding “unlicensed money transmission businesses.”
The bill seeks to clarify that Section 1960 applies only to entities that control customer assets and transmit funds on behalf of clients, and should not extend to blockchain software developers who do not hold user funds. The proposal states that this aligns with the original legislative intent of Congress and the long-standing regulatory interpretations of the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, aiming to reduce the risk of developers facing improper criminal charges.
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
Top Ripple Exec Meets Democratic Senator - U.Today
Ripple's Chief Legal Officer, Stuart Alderoty, met Senator Gillibrand to discuss bipartisan digital asset regulation, praising her leadership on cryptocurrency legislation amid Ripple's ongoing legal challenges with the SEC over XRP classification.
UToday1h ago
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
CryptoFrontNews3h 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
CryptoNewsFlash5h 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
Blockzeit6h 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
TheNewsCrypto6h 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.
GateNews6h ago
