The Clarity Act in the United States Passes Committee Review and is Set to Enter Full House Voting Stage

Furthermore, according to previous reports by Zombit, the revised version of the bill includes a new provision that explicitly states that “non-custodial cryptocurrency platforms” and their developers do not fall under the category of illegal operators of “unlicensed financial businesses,” nor will they be defined as money transmitters. This exemption allows them to avoid the requirement to register with the Financial Crimes Enforcement Network (FinCEN), and it clearly protects developers and infrastructure builders (such as blockchain developers or DeFi project teams) who do not have asset control rights from facing undue regulatory burdens during the process of technological innovation.