The new legislation to protect developers is just the beginning; a larger regulatory framework is taking shape.

The U.S. Senate bipartisan effort to advance cryptocurrency regulation has resumed. On January 13th, local time, Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden introduced the “Blockchain Regulatory Certainty Act,” which explicitly states that software developers who do not control user funds should not be considered money transmitters. This not only protects developers but also reflects a profound shift in the U.S. Congress’s understanding of the crypto industry.

Core of the Bill: Defining the Bottom Line for Developers

The core of this new bill is straightforward—clarifying which developers can be exempt from compliance with money transmission laws. According to the briefing, the bill will establish clear guidelines for developers and service providers, defining under what circumstances they will not be regulated as financial institutions.

Wyden candidly pointed out the issue in a statement: “Forcing code-writing developers to follow the same rules as exchanges or brokerages is technically unreasonable and would infringe on Americans’ privacy rights and freedom of speech.” This statement carries weight—it’s not just a technical issue but also touches on the deeper constitutional rights of free speech.

The Significance Behind Bipartisan Consensus

It is noteworthy that this bill has received support from both the Republican and Democratic parties. In the current U.S. political environment, bipartisan consensus on cryptocurrency issues is not easy to achieve. What does this reflect?

According to relevant information, the content of this new bill aligns with the work already completed by the House of Representatives, indicating that a cross-party consensus is gradually forming. This is not merely a political stance of one party but a genuine shift in the entire Congress’s approach to crypto policy.

A Step in a Larger Framework

While important, this bill is just one piece of a larger puzzle. According to the briefing, it may be incorporated into the current version of the Senate Banking Committee’s cryptocurrency market structure legislation.

The progress of the broader Crypto Market Structure Act (industry term: the “Clear Act”) is as follows:

Market Expectations and Historical Benchmarks

Such regulatory developments typically attract market attention. According to relevant information, analysts expect that once this bill passes in 2026, it could trigger a market bull run. Historical reference is compelling: the stablecoin bill passed in 2025 helped push the industry’s market cap beyond $315 billion.

But the deeper significance lies in regulatory clarity. For a long time, unclear regulations have been a major obstacle to innovation in the U.S. crypto space. Once the market structure bill is enacted, channels between U.S. institutional funds, traditional finance, and on-chain economy will be truly opened.

Summary

This new bill reflects three key shifts: first, the U.S. Congress’s recognition of developers’ status is increasing; second, bipartisan consensus is forming, indicating this is not a short-term political trend; third, it is part of a larger regulatory framework, with the comprehensive crypto market structure bill approaching its final stage.

For the industry, the key is not just the passage of this bill but the regulatory mindset it represents—shifting from attempts to restrict innovation to providing clear rules for it. The next focus should be on the progress of the “Clear Act” review in late January—that will be the real critical moment.