According to @jchervinsky, the new US Senate crypto market structure draft explicitly clarifies that noncustodial software developers are not criminal money transmitters under Section 1960, the federal criminal money-transmitting statute (source: Jake Chervinsky on X, Sep 9, 2025; source: 18 U.S.C. § 1960). He describes this clarification as the litmus test for market structure, highlighting a clear distinction between noncustodial software and custodial financial intermediaries in the draft (source: Jake Chervinsky on X, Sep 9, 2025). For traders, the key takeaway is the draft’s express carve-out for noncustodial developers from Section 1960 criminal money-transmitter status, clarifying legal risk parameters for DeFi infrastructure and wallet software as the bill advances (source: Jake Chervinsky on X, Sep 9, 2025; source: 18 U.S.C. § 1960).

According to Jake Chervinsky, the USA can become the leading crypto capital by focusing on five key policy areas: enacting stablecoin legislation, establishing market structure legislation, providing a securities safe harbor for token issuance, ensuring protections for banking access, and safeguarding noncustodial software developers. These measures aim to create a conducive environment for crypto innovation and investment.