Bitcoin Magazine
New CLARITY Act Draft Could Shield Bitcoin and Crypto Developers From Past Liability
On Friday, the U.S. Senate Banking Committee released its latest draft of the CLARITY Act (CLARITY), in which it proposes an amendment to 18 U.S. Code § 1960(a) stipulates that only crypto developers or providers that “knowingly exercise control over currency, funds, or other value that substitutes for currency” be treated as money transmitting businesses.
The first page of the Senate Banking Committee’s latest version of CLARITY.
What is more, this amendment would not only protect Bitcoin and crypto developers in the wake of a bill with this language included in its passing, but it would also protect said developers retroactively.
In Section 501 of section Title V of the draft, entitled “Protecting Software Developers and Software Innovation,” it states that “This section, and the amendments made by this section, shall apply to conduct occurring before, on,
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