American lawmaker, Democratic Senator Ron Wyden, has issued a categorical demand to Senate leadership: preserve a critically important provision in future versions of the CLARITY Act that protects blockchain developers. This provision explicitly excludes them from the category of money transmitters, which is of fundamental importance to the entire ecosystem.
This clause has become one of the most contentious and debated elements during discussions of the broader legislative package. The crypto industry unanimously supports this provision, viewing it as a necessary shield for neutral developers of protocols and applications who do not control user funds. Without such protection, every code creator would risk falling under regulations designed for financial intermediaries.
However, law enforcement agencies and some critics have issued warnings: they fear that such protection could significantly hinder investigations into financial crimes and money laundering. The ability to distinguish honest developers from malicious actors, in their view, would be jeopardized.
Analytical Commentary: Senator Wyden's position is not merely a political gesture but a clear signal to the market of an understanding of blockchain's technological nature. If developers are equated with money transmitters, it would deal a devastating blow to decentralized finance (DeFi) and innovation in the United States. Preserving this provision is a matter of survival for thousands of startups that build infrastructure rather than manage assets.