Unified Crypto Lobbyists: Protect Software Developers or Risk Legislation Failure
Crypto lobbyists have issued a strong message to Congress, asserting that without protections for software developers included in the anticipated market structure bill, their support will wane. Key Points:
- U.S. crypto advocates emphasize that without legislative safeguards for software developers, the industry cannot endorse the market structure bill.
- The proposed bill has been a priority for years; however, concerns arise that the developer protections from the Clarity Act might not be present in the Senate’s rendition.
- More than a hundred firms and lobbying groups have signed a letter addressed to relevant senators, forming what is considered the largest crypto advocacy coalition in history.
The lobbyists in Washington are firmly stating their position against a market structure bill that doesn’t adequately shield software developers from scrutiny for misuses of their technology. The industry unified in responding to the Banking and Agriculture committees in the Senate, reiterating their message in a letter featuring signatures from prominent companies including Coinbase, Kraken, and Ripple.
“We demand solid, nationwide safeguards for software developers and non-custodial service providers in any market structure legislation,” they wrote, stressing that their support hinges on these protections.
Though past efforts may have been overlooked, the crypto industry’s political influence has surged, facilitated by substantial funding for political action committees. The recent momentum underscores their heightened involvement in legislative conversations. However, despite this progress, the forthcoming market structure bill may present significant challenges as not all previous safeguards are guaranteed, particularly in light of looming pressures from legislators like Senator Mark Warner.
