SEC. 110. TREATMENT OF CERTAIN NON-CONTROLLING BLOCKCHAIN DEVELOPERS. (a) IN GENERAL.—Notwithstanding applicable law, a non-controlling blockchain developer or provider of a blockchain service shall not be treated as a money transmitter or as engaged in ‘‘money transmitting’’ or, following the date of enactment of this Act, be otherwise subject to any new registration requirement that is substantially similar to the requirement that currently applies to money transmitters, solely on the basis of— (1) creating or publishing software to facilitate the creation of, or provision of maintenance services to, a blockchain or blockchain service; (2) providing hardware or software to facilitate a customer’s own custody or safekeeping of the customer’s digital assets; or (3) providing infrastructure support to maintain a blockchain service.
