Senators Cynthia Lummis and Ron Wyden introduced a standalone bill that would clarify that certain non-custodial blockchain participants—software developers, miners, validators, and infrastructure providers—are not treated as money transmitters under federal law when they do not control user funds or hold private keys. The proposal revives the Blockchain Regulatory Certainty Act framework and is being positioned as a “code is not custody” clarification that would place money-transmission liability on entities that actually take custody or control of customer assets.
The bill lands as the Senate prepares to release and mark up a broader crypto market structure package, the Digital Asset Market Clarity Act, where similar developer-protection language has been under negotiation and remains contested. Reporting on draft text circulating around the market structure effort also points to a provision that would restrict paying interest solely on stablecoin balances, while still allowing rewards tied to specific user activity (such as staking or providing liquidity), with potential amendments still in play ahead of committee consideration.
