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.
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