#developer-protections

[rwatimes]

Updated Senate Banking Committee bill tackles stablecoin rewards, DeFi but sidesteps Trump's crypto conflicts of interest

A fix to the ongoing discussions around stablecoin rewards and language on protecting software developers is in the updated legislative text.

➤ The Senate Banking Committee has released an updated draft of the Clarity Act, addressing stablecoin rewards and developer protections ahead of a markup vote. ➤ The bill faces opposition from bank groups concerned about stablecoin impacts on financial stability, and notably omits ethics provisions regarding potential conflicts of interest related to President Trump's crypto holdings. ➤ Key provisions include clarifying that non-custodial developers are not money transmitters, though concerns remain from law enforcement regarding crime enforcement.

[rwatimes]

Lummis says developer protections ‘safe’ as CLARITY Act debate continues

Senator Cynthia Lummis has said developer protections remain a priority in the CLARITY Act as lawmakers debate enforcement limits and ethics provisions.

➤ Senator Cynthia Lummis is prioritizing developer protections within the CLARITY Act, aiming to shield non-custodial developers from liability while ensuring law enforcement can still pursue illicit crypto activities. ➤ Debates continue regarding enforcement limits and ethics provisions, with Senator Thom Tillis threatening to oppose the bill if ethics rules for federal crypto activity are not included. ➤ The CLARITY Act seeks to define digital assets and blockchain participants under U.S. law, but progress is contingent on bipartisan agreement on ethics and stablecoin yield rules, and alignment with the House-passed bill.