Bipartisan Bill Aims to Protect Non-Custodial Crypto Developers
- A new bill, the Promoting Innovation in Blockchain Development Act, was introduced to amend U.S. code 1960.
- The bill aims to exempt decentralized software developers from criminal liability if they do not control currency.
- Introduced by Reps. Scott Fitzgerald (R-WI), Ben Cline (R-VA), and Zoe Lofgren (D-CA).
- Last year, an Ethereum developer was convicted for violating this statute with a privacy tool.
- The crypto market structure bill might include similar language but does not rewrite the statute itself.
The newly proposed legislation seeks to protect software developers who do not have custody of user funds from being prosecuted under U.S. code defining illegal money transmitting businesses. This move is crucial for fostering innovation without legal repercussions for developers building decentralized technologies.
