US Lawmakers Propose Bill to Protect Blockchain Developers from Prosecution
- A bipartisan group in the US House introduced the Promoting Innovation in Blockchain Development Act.
- The bill aims to prevent prosecution of developers without custody or control over others’ crypto assets.
- Supporters include the Blockchain Association and DeFi Education Fund, who see it as vital for US-based developers.
- Past prosecutions include Tornado Cash developer Roman Storm, guilty of running an unlicensed money transmitter business.
- Senators Lummis and Wyden have proposed a similar bill, the Blockchain Regulatory Certainty Act, for developer protection.
The proposed legislation seeks to clarify that only those with control over digital assets are liable under federal law regarding illegal money transmitting businesses. This could significantly impact ongoing legal cases against blockchain developers.
If passed, this bill may halt future prosecutions like those faced by Storm, who was found guilty in August, highlighting a shift towards protecting software developers in the crypto space.
