Bitsky000

06/24 04:36

Clarity Act is Clear: Writing Code is not Money Tr

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Clarity Act is Clear: Writing Code is not Money Transmission Senator Cynthia Lummis is pressing her case for the Digital Asset Market Clarity Act, arguing that the legislation draws a clear legal line that writing code does not constitute money transmission. The Wyoming Republican, who chairs the Senate Banking Subcommittee on Digital Assets, has made developer protection a central pillar of her push to move the bill to a full Senate vote. What the Bill Does for Developers At the core of Lummis's argument is Section 604 of the CLARITY Act, drawn from the Blockchain Regulatory Certainty Act. The provision codifies a principle from FinCEN's 2019 guidance: that developers and infrastructure providers who do not custody or control user funds are not money transmitters subject to Bank Secrecy Act registration or criminal prosecution.

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