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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
IMF Warns: Four Key Risks or Shocks of Tokenized Finance Could Hit the Global Financial System
The International Monetary Fund (IMF) report warns that tokenized finance poses four major risks, including exacerbating market fragmentation, increasing financial stability risks, conflicts in cross-border settlement, and challenges for emerging economies. The IMF recommends implementing policies such as secure money anchoring and unified regulation to address these risks, and notes that the tokenized finance market is growing rapidly.
GateNews6m ago
X cracks down on crypto scams: the first token issuance locks the account, and identity verification mechanisms are fully upgraded
Social platform X is rolling out a new risk-control mechanism to combat scams that promote fake tokens after accounts are taken over. The system will automatically detect abnormal behavior and require identity verification to reduce the spread of scams. However, this measure has sparked controversy because it may mistakenly flag legitimate users. This initiative shows that social platforms are shifting roles in the crypto ecosystem, and it needs to strike a balance between security and openness.
GateNews1h ago
Kentucky removes HB380’s backdoor provisions; Bitcoin self-custody avoids a de facto ban
Kentucky successfully blocked Section 33 of HB380, which required hardware wallet manufacturers to provide a password reset mechanism. It was criticized as an indirect ban because it conflicts with the existing HB701 law’s protections for individuals’ right to independently control encrypted assets. After final revisions, the updated HB380 was submitted to the governor for signature, maintaining the state’s pro-Bitcoin policy.
MarketWhisper4h ago
UNI and AAVE are first in line! Analyst: The current draft crypto market law could severely damage the DeFi yield myth
10x Research warns that if the CLARITY Act is passed, it will ban stablecoin balance yield, potentially impacting DeFi protocols and related tokens. Returns would be funneled back to the traditional financial system, leading to reduced market competition, and many DeFi projects will face strict regulation.
CryptoCity5h ago
California’s Crypto Seizure Framework Under Fire As Criticism Resurfaces
California's SB822 allows the state to claim unresponsive residents' crypto assets after three years. Critics argue it's unfair and unconstitutional, but the state must notify owners before assets are seized, aiming to protect consumer rights.
Blockzeit5h ago
XRP Today’s News: Arizona Proposes Legislation to Include XRP as a Treasury Reserve Asset
The Arizona House Rules Committee unanimously passed the SB1649 bill, establishing a Digital Assets Strategic Reserve Fund that puts digital assets such as XRP under the management of the Department of the Treasury, and allows revenue to be generated through methods such as staking. If the bill passes, it will become the first U.S. state to officially recognize XRP as a fiscal reserve asset. XRP is currently trading at $1.28 and faces challenges from technical support and resistance.
MarketWhisper7h ago
