Leaders of the Senate Judiciary Committee, including key figures such as Chairman Dick Durbin (D-IL) and Ranking Member Lindsey Graham (R-SC), have voiced strong opposition to broad definitions in pending cryptocurrency legislation that could impose undue regulatory burdens on developers of noncustodial software. This pushback targets legislative proposals, particularly those focused on expanding Anti-Money Laundering (AML) and Know-Your-Customer (KYC) requirements.
The core concern raised by the committee leadership is the potential for current legislative language to inadvertently treat creators of noncustodial wallets, decentralized finance (DeFi) protocols, and other open-source tools as Money Services Businesses (MSBs). Such a designation would require developers—who often do not possess control over user funds or access to user identity—to comply with stringent compliance mandates, including the collection and reporting of personal information.
In a communication reportedly directed toward relevant financial committees, the Senators emphasized that imposing traditional financial regulations on decentralized software developers is technically unworkable and would fundamentally stifle innovation. They argue that software developers who merely write code and do not custody assets should not be regulated as financial intermediaries, maintaining that overreaching regulation would push vital technological development outside of the United States.
This intervention by the Judiciary Committee highlights a growing understanding on Capitol Hill regarding the technical and functional differences within the digital asset ecosystem, signaling a bipartisan effort to safeguard the creation of privacy-preserving, unhosted technologies from overly broad legal definitions.
コメント