In the latest version of the U.S. Senate Banking Committee's CLARITY Act, bitcoin and cryptocurrency developers will be protected from future and past prosecution for operating unlicensed money transmission businesses.
On Friday, the US Senate Banking Committee released the latest draft of the CLARITY Act (CLARITY), which proposes to amend 18 U.S.C. § 1960 (a) to state that only crypto developers or service providers who "knowingly and materially control money, funds, or other value of an alternative currency" would be considered money transmission operators.
In addition, the amendment not only protects bitcoin and crypto developers after the bill is passed, but also protects those developers retroactively.
Title V, Section 501, entitled "Protection of Software Developers and Software Innovation," says: "This section and the amendments made therein shall apply to acts occurring before, on or after the commencement of the Act."
Analysis: New version of draft CLARITY bill may protect crypto developers from previous liability
2025-09-10 04:22:51
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