One of the central lobbying objectives of the cryptographic industry, to protect software developers from being legally responsible when criminals abuse their technology, may be in danger of democrats led by American senator Mark Warner, according to people familiar with legislative negotiations.
The Senate will return to work in Washington next week, with the completion of a project of cryptographic market structure as one of its main articles on the agenda. In the bipartisan conversations about this bill, it is said that Warner maintained reservations about the focus on the version of the United States Representatives of the bill of the bill known as the law of clarity of the digital association market, which gave developers a legal coverage, according to three people with knowledge of the negotiation.
Warner, a Virginia Democrat who is the vice president of the Select Committee of the Intelligence Senate, maintains a close approach to national security problems, and it is said that the unbridled hacks and money laundering concerns have resisted that it is associated with the decentralized finance. (Defi) End of the cryptographic sector. In the past, he has raised objections on reports that the cryptocurrency may have been used to transfer assets to terrorist groups, and pushed a bill in 2023 that sought to Sadar on platforms defi with the same money laundering. (AML) The requirements that traditional financial companies must meet, a potentially existential threat for the way in which decentralized projects operate without central management.
At that time, Warner said such an effort “would help maintain the solid application of AML and the sanctions we need to protect our national security, while allowing participants who play for the rules to continue taking advantage of the potential of distributed accounting book technologies,” also pointing out their views that “criminals and rebel states continue Ilict Ilict activity. “
Then a provision of assignments followed last year that would have automated a process to sanction “facilitators of transaction of foreign digital assets”, including cryptography exchanges, linked to users who support terrorism groups. Therefore, it has a history in the search for responsible for digital assets responsible for the illicit use of its products.
A senator spokesman did not immediately respond to a request for comments on his position in the last negotiations, but the Republican senators have been trying to accelerate the Senate Market Structure bill, trying to follow the Chamber in a wide bipartisan approval.
Warner is among the Democrats in the Senate Banking Committee, one of the two panels that must reach an agreement on cryptographic legislation before it can go to a floor vote.
Unlike the most aggressive position of the co -fellow Democratic senator Elizabeth Warren, the industry generally sees Warner as a member with a balanced opinion on cryptographic problems, having supported the sector in the previous votes, as in the recent approval of the bill to regulate the EE. legislator who “firmly supports Crypto.”
When the guide and establishment of national innovation for the United States (GENIUS) The law still moved through the Senate before approval by a wide margin in June, some Democrats had arrested the process of that bill to object to aspects of illegal safety and finance of the industry (In addition to the possible conflicts raised by the commercial interests of Stablcoin of President Donald Trump). The disagreements were kicked on the way in favor of an easy approval of that previous bill, with the knowledge that this market structure legislation would be a better place to eliminate those concerns.
That debate is now arriving for the bill that is the Linchpin of Washington’s plans in the digital asset sector. This legislation to establish personalized regulations for the Cryptographic transactions of the United States. UU. It is considered necessary for the industry to between and to bring the remaining institutional actors and hesitant retilant investors in the field of digital tokens.
Behind the closed doors, cryptographic lobbyists wonder if Warner’s background in risk capital for technology companies will help them present a case to protect innovators from software writing from legal responsibility. In the light of cases such as the recent criminal conviction of the Roman Storm Tornado developer, the urgency of establishing a shield is amplifying.
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