Over 100 crypto entities jointly call on US lawmakers to protect software developers when regulating the crypto industry

PANews reported on August 27th that, according to The Block, over 100 cryptocurrency entities are calling on lawmakers to protect software developers as they consider how to regulate the digital asset industry. The DeFi Education Fund (DEF), along with the Blockchain Association, the Chamber of Digital Commerce, Stand with Crypto, and several crypto companies, including Coinbase, Paxos, and Uniswap Labs, urged Senate committee leadership to include relevant requirements in market structure legislation, stating that they could not support a market structure bill without the requested protections. The letter was sent to the leadership of the Senate Banking and Agriculture Committees, two committees that play a key role in the development of cryptocurrency legislation.

Cryptocurrency stakeholders said Wednesday that both the House and Senate versions of market structure legislation need language to protect self-custody and the ability to engage in peer-to-peer transactions, and urged the inclusion of such changes. They said: "These protections must clearly state that no person or entity should be regulated solely for participating in the core activities of creating, developing, launching, and maintaining a blockchain network, or for allowing users to access such a network through a software interface while maintaining custody of their own funds."