,,ii  #aaith ,,congress  #b;d ,session  
,s4 #cfaa  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,january #ab1  
#bjbf,ms4 ,lummis 7for herself and ,mr4 
,wyden7 introduced the following bill2  
which was read twice and referred to the
 ,committee on ,banking1 ,housing1 and  
,urban ,affairs  ,a ,,bill  ,to clarify 
the treatment of certain non-controlling
 developers or providers of distributed 
ledger services involved in digital     
assets with respect to money            
transmission laws1 and for other        
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,blockchain         
,regulatory ,certainty ,act of #bjbf4   
#b4 ,treatment of certain               
non-controlling developers with respect 
to money transmission laws  7a7         
,definitions ,in this section3 7#a7     
,developer or provider ,the term        
developer or provider means any person  
or business that creates or publishes   
software to facilitate the creation of1 
or provide maintenance to1 a distributed

 ledger1 or a service associated with a 
distributed ledger4  7#b7 ,digital asset
 ,the term digital asset means any      
digital representation of value which is
 recorded on a cryptographically secured
 distributed ledger4  7#c7 ,distributed 
ledger ,the term distributed ledger     
means technology in which data is shared
 across a network that-- 7,a7 creates a 
public digital ledger of verified       
transactions or information among       
network participants2 and  7,b7 uses    
cryptography to link the data to        
maintain the integrity of the public    
ledger and execute other functions4     
7#d7 ,distributed ledger service ,the   
term distributed ledger service means   
any information1 transaction1 or        
computing service or system that        
provides or enables access to a         
distributed ledger system by multiple   
users1 including a service or system    
that enables users to send1 receive1    
exchange1 or store digital assets       
described by distributed ledger systems4

  7#e7 ,non-controlling developer or    
provider ,the term non-controlling      
developer or provider means a developer 
or provider of a distributed ledger     
service that1 in the regular course of  
operations1 does not have the legal     
right or the unilateral and independent 
ability to control1 initiate upon       
demand1 or effectuate transactions      
involving digital assets to which users 
are entitled1 without the approval1     
consent1 or direction of any other third
 party4  7b7 ,treatment ,notwithstanding
 any other provision of law1 a          
non-controlling developer or provider-- 
7#a7 shall not be treated as-- 7,a7 a   
money transmitting business1 as defined 
in section #eccj of title #ca1 ,united  
,states ,code1 and the regulations      
promulgated under that section2 or  7,b7
 engaged in money transmitting1 as      
defined in section #aifj of title #ah1  
,united ,states ,code1 as amended by    
this ,act2 and  7#b7 on or after the    
date of enactment of this ,act1 shall   

not be otherwise subject to any         
registration requirement that is        
substantially similar to a requirement  
7as in effect on the day before the date
 of enactment of this ,act7 that applies
 to an entity described in subparagraph 
7,a7 or 7,b7 of paragraph 7#a71 solely  
on the basis of-- 7,a7 creating or      
publishing software to facilitate the   
creation of1 or providing maintenance   
services to1 a distributed ledger or a  
service associated with a distributed   
ledger2  7,b7 providing hardware or     
software to facilitate a customer's own 
custody or safekeeping of the digital   
assets of the customer2 or  7,c7        
providing infrastructure support to     
maintain a distributed ledger service4  
7c7 ,rules of construction ,nothing in  
this section may be construed-- 7#a7 to 
affect whether a developer or provider  
of a blockchain service is otherwise    
subject to classification or treatment  
as a money transmitter1 or as engaged in
 money transmitting1 under applicable   

,federal or ,state law1 including laws  
relating to anti-money laundering or    
countering the financing of terrorism1  
based on conduct outside the scope of   
subsection 7b72  7#b7 to affect whether 
a developer or provider is otherwise    
subject to classification or treatment  
as a financial institution under        
subchapter ,,ii of chapter #ec of title 
#ca1 ,united ,states ,code1 this ,act1  
any amendment made by this ,act1 or any 
,act enacted after the date of enactment
 of this ,act2  7#c7 to limit or expand 
any law pertaining to intellectual      
property2  7#d7 to prevent any ,state   
from enforcing any ,state law that is   
consistent with this section2 or  7#e7  
to create a cause of action or impose   
liability under any ,state or local law 
that is inconsistent with this section4