- Buy Crypto
- Markets
- Futures
- Spot
- Copy Trade
Earn- More
Protect Developers or Weaken Oversight? Judiciary Committee Strongly Opposes Section 604 of the CLARITY Act
BlockBeats News, January 17th, the chairman of the U.S. Senate Judiciary Committee stated in a letter to the Senate Banking Committee that the "Blockchain Regulatory Certainty Act" would weaken federal fund transfer regulation and should not be included in cryptocurrency market structure legislation.
The Judiciary Committee's Republican chairman, Chuck Grassley, and chief Democratic member, Dick Durbin, wrote in the letter that Section 604 of the Banking Committee's market structure bill - aimed at protecting software developers from criminal liability for third-party misuse of their products - would "weaken" federal law regarding unlicensed money transmission. "The Senate Judiciary Committee (which has jurisdiction over Title 18 of the U.S. Code) was not consulted, nor was it afforded the opportunity for advance substantive consideration of the proposed changes."
The letter cited the case of the Department of Justice's prosecution of Tornado Cash developer Roman Storm, stating that the case demonstrated that the prosecuting party had sufficiently argued the importance of existing regulations holding parties to unlicensed money transmission accountable. This letter is another blow to the market structure bill, with the Senate Banking Committee originally scheduled to debate and vote on the bill on Thursday but canceling the agenda on Wednesday night in the face of increasingly strong opposition.
If the provision is retained in the bill, the Judiciary Committee (responsible for legal matters) would need to sign off as the third committee on the overall package, and this latest controversy suggests that the legislative process may become even more complicated. DeFi advocates insist that without these specific protection provisions, they may withdraw their support, signaling another difficult deadlock.
The letter emphasized: "Therefore, we urge the committee to reject any proposed provisions that would weaken the government's ability to hold parties accountable for unlicensed money transmission, including Section 604."
You may also like
XRP Price Prediction: XRP Ledger Blasts Past $2 Billion in Tokenized Assets – Why This Could Catapult XRP Parabolic
Key Takeaways XRP Ledger’s (XRPL) tokenized assets have surged past $2 billion, cementing its position in both traditional…
MoonPay Review 2026
Key Takeaways MoonPay offers a user-friendly platform that allows individuals to purchase and sell over 140 digital assets…
CLARITY Act Stalled: How Coinbase's Revolt Against U.S. Crypto Rules Could Freeze the Crypto Market (2026 Update)
Jan 2026: The CLARITY Act imploded when Coinbase opposed Senate's stablecoin yield ban. Explore the 3 'poison pills' that froze crypto regulation and moved markets.
Insider Whale Acquires Additional 22,000 ETH
Key Takeaways The “1011 Insider Whale” has added another 22,000 ETH to their holdings. The ETH purchase is…
Dormant Ethereum Whale Transfers 50,000 ETH to Gemini, Market Reacts
Key Takeaways A significant dormant Ethereum whale transferred 50,000 ETH, valued at approximately $145 million, to the Gemini…
Enso’s Recent Liquidation Sparks Market Volatility
Key Takeaways Enso experienced a dramatic $11.67 million in liquidations, with a significant 70.7% involving short positions, indicating…
Aperture Finance Faces $17 Million Loss in Blockchain Security Breach
Key Takeaways Aperture Finance suffered a substantial security breach, resulting in the loss of approximately $17 million across…
Justin Sun Boosts River Token with $8 Million Investment
Key Takeaways Justin Sun has invested $8 million into River Protocol, significantly impacting the token’s performance. Following the…
DODO Experiences Significant 24-Hour Growth Due to Strategic Developments
Key Takeaways DODO’s price has seen a 25.46% increase, reaching $0.02 within the last 24 hours. A strategic…
Tezos’ Tallinn Upgrade Now Live, Reduces Block Times to 6 Seconds
Key Takeaways The Tallinn protocol update is Tezos’ 20th major upgrade since its inception, optimizing multiple aspects of…
South Korea’s Coinone Considers Stake Sale Amid Rising Coinbase Interest
Key Takeaways Coinone, a regulated cryptocurrency exchange in South Korea, is contemplating a significant stake sale as consolidation…
Restaking Delivers Risk and Minimal Real Value
Key Takeaways Restaking in decentralized finance appears promising but poses substantial risks due to its layered leveraging strategy.…
Could Europe Sell US Debt if a Greenland Deal Doesn’t Come Through?
Key Takeaways The geopolitical tensions involving Greenland could lead Europe to consider offloading US debt as a strategic…
ETH Ecosystem Month: A $1.5 Million Trading Opportunity Focused on Ethereum Assets
Explore ETH trading opportunities on WEEX with ETH Ecosystem Month. A $1.5M campaign covering ETH spot trading, ETH futures rewards, leaderboards, and referral incentives across the Ethereum ecosystem.
Trade Finance: Unleashing Blockchain’s Most Potent Opportunity
Key Takeaways Blockchain technology has the potential to revolutionize the $9.7-trillion global trade finance market by addressing its…
Revolut Pursues Banking Expansion in Peru Amid Latin America Remittance Strategies
Key Takeaways Revolut seeks a banking license in Peru as part of its strategic expansion across Latin America,…
New SEC Submissions Discuss Self-Custody and DeFi Regulation
Key Takeaways Recent submissions to the SEC tackle the regulation of self-custody rights and decentralized finance (DeFi) markets.…
Pendle Announces Token Upgrade as Its DeFi Yield Platform Scales
Key Takeaways Pendle has announced a significant upgrade to its native token, introducing sPENDLE to enhance liquidity and…
XRP Price Prediction: XRP Ledger Blasts Past $2 Billion in Tokenized Assets – Why This Could Catapult XRP Parabolic
Key Takeaways XRP Ledger’s (XRPL) tokenized assets have surged past $2 billion, cementing its position in both traditional…
MoonPay Review 2026
Key Takeaways MoonPay offers a user-friendly platform that allows individuals to purchase and sell over 140 digital assets…
CLARITY Act Stalled: How Coinbase's Revolt Against U.S. Crypto Rules Could Freeze the Crypto Market (2026 Update)
Jan 2026: The CLARITY Act imploded when Coinbase opposed Senate's stablecoin yield ban. Explore the 3 'poison pills' that froze crypto regulation and moved markets.
Insider Whale Acquires Additional 22,000 ETH
Key Takeaways The “1011 Insider Whale” has added another 22,000 ETH to their holdings. The ETH purchase is…
Dormant Ethereum Whale Transfers 50,000 ETH to Gemini, Market Reacts
Key Takeaways A significant dormant Ethereum whale transferred 50,000 ETH, valued at approximately $145 million, to the Gemini…
Enso’s Recent Liquidation Sparks Market Volatility
Key Takeaways Enso experienced a dramatic $11.67 million in liquidations, with a significant 70.7% involving short positions, indicating…
App