U.S. Sen. Lummis Says Updated CLARITY Act Would Offer "Strongest Protections" for DeFi Developers

U.S. Senator Cynthia Lummis said a revised version of the CLARITY Act is designed to deliver "the strongest protections" for DeFi and its developers, according to Odaily Planet Daily. Her comments follow criticism from crypto attorney Jake Chervinsky, who flagged potential developer-liability language in the draft. Lummis said bipartisan changes have been incorporated to bolster legal safeguards for developers of noncustodial software. Chervinsky cautioned that the bill's current definition of money transmission could still leave some DeFi developers exposed to liability, as key provisions remain insufficiently clarified. The report added that the latest updated text has not yet been released publicly and is expected to head to the Senate Banking Committee for review in April. (Cointelegraph)