hold on there's just too much going on in Congress lmao...
Defines and clarifies that certain blockchain developers are not money transmitters.
Introduced by Senators Lummis (R-WY) and Wyden (D-OR).
Introduced in Senate, referred to committee.
This bill specifies that 'non-controlling developers or providers' of distributed ledger services (blockchain technology) are not to be treated as 'money transmitting businesses' under federal law. This means they would not be subject to certain registration requirements solely for creating software, providing hardware for digital asset custody, or supporting distributed ledgers. Introduced by Senators Lummis and Wyden, the bill is currently in its early stages within the Senate.
Introduced Jan 12, 2026
The bill was introduced in the Senate by Senators Lummis and Wyden on January 12, 2026. It has been referred to the Senate Committee on Banking, Housing, and Urban Affairs. For the bill to become law, it must pass through this committee, be approved by a majority vote in both the Senate and the House of Representatives, and then be signed by the President.
If this bill becomes law, companies that develop or maintain blockchain software, or provide tools for customers to self-custody digital assets, would explicitly not be considered 'money transmitters.' This aims to reduce regulatory uncertainty for these specific activities, potentially fostering more innovation and development within the digital asset sector in the United States. It could mean fewer federal registration requirements for those focused solely on the underlying technology rather than controlling user funds.
Supporters Say
Supporters would argue it provides much-needed regulatory clarity, fostering innovation in blockchain technology within the U.S.
Critics Say
Potential critics might raise concerns about oversight, though the bill clarifies it does not affect existing anti-money laundering laws.
Proponents of the bill would likely emphasize that it removes a significant regulatory hurdle for developers creating foundational blockchain software, making the U.S. a more attractive place for digital asset innovation. They would highlight that it specifically exempts those who don't control user funds. The bill itself includes 'rules of construction' stating it does not affect anti-money laundering laws or the classification of financial institutions, which addresses potential criticisms about creating regulatory loopholes for bad actors.