U.S. senators propose a bill to protect cryptocurrency developers, and a comprehensive framework for crypto regulation is about to be introduced

According to The Block, U.S. Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden jointly introduced the "Blockchain Regulatory Certainty Act" on January 12, which clarifies that software developers who do not control user funds should not be considered money transmitters. This bill echoes previous work in the House of Representatives and is expected to be included in the Senate Banking Committee's broader legislation on cryptocurrency market structure.

The Senate Banking Committee plans to hold a hearing this Thursday to revise and vote on comprehensive regulatory legislation for the cryptocurrency industry, with the text of the bill expected to be released early this week. The Senate Agriculture Committee was originally scheduled to review its cryptocurrency market structure bill on the same day, but it has now been postponed to later this month.

Key points of legislative negotiations include the treatment of stablecoin yields, conflicts of interest in the Trump family's cryptocurrency business, and the role of decentralized finance (DeFi). The DeFi Education Fund emphasizes that this bill is crucial for protecting software developers and self-custody rights.