A large coalition of high-tech beacon groups and crypto companies issued a letter to the Senate Banking Committee on Wednesday, warning that it would collectively protest the upcoming crypto market structure bill, unless it features important legal protections for software developers.
“We (…) speak to Congress in one voice. We provide robust and national protection for software developers and non-lawful service providers in market structure law,” reads the letter. “Without these protections, we cannot support the Market Structure Bill.”
A total of 114 parties have been signed, including Andreessen Horowitz, Coinbase, DCG, Grayscale, Kraken, Paradigm, Solana Labs, and Uniswap Labs. A number of lobbying groups approved the letter. This was coordinated by the Defi Education Fund, which includes the Chamber of Commerce of Commerce, a mainstream technology lobbying group funded by Amazon, Apple, Google and Uber.
A source familiar with push-savvy to draft a letter that has been passed down Decryption The initiative was partially spurred by concerns that some Senate Democrats might try to add language soon. Market Structure Legislation It criminally implies a software developer who publishes programs used to avoid money laundering or sanctions.
Preventing developers from facing such criminal liability is “a complete integration of the industry,” the source said.
Today’s letter praised the House for passing its own version of the law of literary structures recently. Sculpture From crypto regulations from decentralized finance and peer-to-peer on-chain transactions.
However, it also urged the Senate to go further by frameting such measures as inadequate and adding a language that shields software developers from criminal responsibility.
“Leaders in the crypto industry are talking in one voice about basic principles. Public blockchain is a neutral infrastructure, like the internet, roads, or bridges,” said Miller Whitehouse-Levine, CEO of the Solana Policy Institute, and Miller Whitehouse-Levine, co-signer of the letter, in a statement shared in the AA joint statement. Decryption.
“The United States will not criminalize engineers who build highways when someone uses them to commit crimes,” he continued. “Congress must apply the same principles to digital infrastructure and include comprehensive protections for developers and non-mandatory service providers in the Market Structure Act.”
In particular, today’s letter called on the Senate Market Structure Bill to make it clear that software developers cannot prosecute as operators of money transfers that send money under US code 1960. He also argued that federal exemptions prevail over all conflicting state laws.
Earlier this month, the Trump Department of Justice succeeded Convicted Roman Storm, the software developer behind the coin mixing service’s tornado cash, is violating that law. This violates that law because the platform is known to be derived from a crime or is intended to be used to support illegal activities.
Otherwise, the Trump administration took it actively Procrypt I approached this year and came out Please go back A few weeks after the prosecution, a DOJ official told an audience of crypto industry leaders that they no longer bring such a claim against developers of “truly decentralized” software that automates peer-to-peer transactions where law enforcement does not take control of user assets.
Leaders of many top crypto organizations Celebrated announcement At the time, they seemed to slam more solid tones in today’s letter.
“The law should not regulate developers differently based on the type of software they create when they are not acting as intermediaries. “Without these explicit safety measures, the bill risks suppressing innovation, undermining open source development and driving the development of blockchain infrastructure from the United States.”
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