The Washington lobbyists of the cryptography industry are trying to draw a line in the draft structure of the sand on the market that is being seen through the United States Senate, saying that they cannot support a law that would not completely protect software developers to be responsible for the bad actors that abuse their technology.
The industry presented its case to the Senate Bank and Agriculture Committees “with one voice,” sending a letter on Wednesday signed by Coinbase, Kraken, Ripple, A16z, Uniswap Labs and more than one hundred other companies and cryptographic organizations, including almost all the main head groups of the US Revive the complete negotiations about the language of the legislation that represents the American objective of the industry.
“Provide solid protections already national level for software developers and service providers without custody in market structure legislation,” said the letter. “Without such protections, we cannot support a market structure invoice.”
A bill to regulate how cryptography is supervised in the US. He is now in the hands of the Senate, where Senator Tim Scott, president of the Senate Banking Committee, had promised for months that legislators would end the work at the end of September.
“No group is more important for the digital financial future of this country than software developers who create it,” said Amanda Tuminelli, executive director of the Defi Education Fund, in a statement. “In the largest cryptographic defense coalition in history, more than 110 organizations, builders and investors joined with Def to ask Congress leaders to protect software developers and service suppliers without custody in federal market structure legislation.
As legislators return to the bill after their August recess, the industry wants them to consider this central point:
“It is critical that legislation gathering and preserves the historical protections Af forded to open-source software development, and reures that Software Developers and non-custodial service providers Who create, support, and enable access to decentralized networks are not forced into uno uno uno a workable regulatory regulatory regulatory Categories Designed for the Traditional, Intermediate Financial World, “According to the Letter, Led by The Def and Joined by the Blockchain Association, Digital Chamber, Crypto Council for Innovation, Solana Policy Institute and many others.
A few years ago, such an argument may have fallen into deaf ears in Washington, but these same companies have become a political power, largely through funds accumulated in a Political Action Committee: Fireshake and its PAC Affiliates for more than $ 130 million in the Congress elections of last year and have gathered more than $ 140 million for the following year.
So far this year, the progress of the Crypto Congress has not been unprecedented, with huge bipartisan votes about the action related to crypto (GENIUS) Act to supervise Stablecoin’s emitters.
But the market structure bill is expected to be the largest test in the sector. Although the clarity law included developer safeguards, lobbyists have already worried that Senator Mark Warner, the vice president of the Select Senate Intelligence Committee, will press for some legal liabilities on cryptographic software creators. And the courts have also added pressure, and federal prosecutors recently obtained sentences in multiple cases of high profile developers, especially that of Tornado Cash and Roman Storm.
The industry welcomed the recent comments of a senior official of the Department of Justice that their prosecutors will not persecute cryptographic developers who are not in money laundering intentionally, only a new law can guarantee the permanent guarantee.
Read more: Roman storm guilty of money without a license that transmits conspiracy in partial verdict
