What the @SenateAg bill says about self-custody wallets (like @metamask) and blockchain infrastructure: Section 103(d) (“Protection of Self-Custody”) guarantees individuals the right to hold and transact digital assets directly, without relying on intermediaries: Individuals may maintain hardware or software wallets to manage their own lawful custody of digital assets. They may transact peer-to-peer directly with another person for lawful purposes using such wallets, provided: the counterparty is not a financial institution under U.S. law; and the transaction does not involve sanctioned or blocked property. The rule applies only to personal use, not to persons acting as custodians, fiduciaries, or financial service providers for others. Section 107 (“Treatment of Certain Noncontrolling Blockchain Developers”) clarifies that software developers and infrastructure providers are not to be treated as money transmitters or financial institutions solely for: (i) Creating or publishing blockchain software (including node or wallet code); (ii) Providing hardware or software that enables users to hold their own assets; or (iii) Running infrastructure that supports blockchain network operations (e.g., nodes, validators, or APIs) Big takeaway: This isn't a safe harbor for operating DeFi interfaces generally.

@SenateAg @MetaMask Note that the entire section on "Decentralized Finance" reads "Seeking further feedback."