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Key Points of the Amendment: Non-Controlled Blockchain Developers Not Considered as Money Transfer Entities
The amendment was proposed by Committee ### French Hill, defining “non-controlled blockchain developers and service providers” and suggesting that they should not be regarded as “money transmitters.” This would exempt them from the requirement to register with the Financial Crimes Enforcement Network (FinCEN).
This amendment’s prototype can be traced back to the Blockchain Regulatory Clarity Act, which was jointly promoted by Republican Congressman Tom Emmer and bipartisan lawmakers in May of this year. At that time, several U.S. cryptocurrency industry advocacy organizations, including the Blockchain Association, called for Congress to integrate these two bills to provide a more certain legal basis.
If this amendment passes smoothly, it will clearly protect developers and infrastructure builders (such as blockchain developers or DeFi project parties) who do not have asset control rights from improper regulation during the technological innovation process.
Stablecoin Bill Also Progressing in the Senate
In addition to the CLARITY Act, the Senate is also advancing another key bill—the GENIUS Act, which focuses on the regulatory framework for payment stablecoins. Senate Majority Leader John Thune stated that he hopes to complete the review process within this week. According to previous reports by Zombit, Coinbase’s Chief Legal Officer Paul Grewal noted in an interview at the end of May:
“Significant progress has been made on stablecoin legislation, primarily due to bipartisan consensus on establishing rational rules. I believe that market structure legislation, such as the CLARITY Act, is equally critical for long-term stability and industry growth.”
Disagreements Within the Democratic Party
Despite some Democratic lawmakers supporting the CLARITY Act, senior party member Maxine Waters has explicitly expressed her opposition. She held a hearing last Friday, questioning the bill’s failure to address potential corruption between President Trump and the cryptocurrency industry, criticizing:
“This bill essentially endorses illegal activities.”
As these two significant bills enter the formal legislative process, the regulatory landscape for the U.S. cryptocurrency industry is reaching a critical turning point. If the amendment to the CLARITY Act can incorporate developer protections, it will provide a more stable development environment for blockchain infrastructure. Additionally, if the stablecoin bill passes, it will lay the institutional foundation for the compliant issuance and international competitiveness of U.S. dollar stablecoins.