Analysis: The new version of the CLARITY bill may protect crypto developers from previous liability

Golden Finance reported that in the latest version of the CLARITY bill of the U.S. Senate Banking Committee, Bitcoin and cryptocurrency developers will be protected and will not be sued for operating an unlicensed currency transmission business in the future and in the past. On Friday, the U.S. Senate Banking Committee released the latest draft of the CLARITY Act (CLARITY), which proposes to amend Section §1960(a) of the U.S. Code, stating that only crypto developers or service providers who “knowingly and actually control the value of currency, funds or other alternatives” will be considered as currency transfer business operators. In addition, the amendment not only protects Bitcoin and crypto developers after the bill is passed, but also traces the protection of these developers. Chapter 501 of the draft title V, titled “Protecting Software Developers and Software Innovation,” reads: “The amendments made in this section and this section shall apply to actions that occur before, on or after the entry into force of the bill.”