“Crypto Stakeholders Urge Congress to Protect Developers and Non-Custodial Providers in Market Legislation”

A group of 112 crypto companies, investors, and advocacy groups has sent a letter to the US Senate urging explicit protections for software developers and non-custodial service providers in upcoming market structure legislation. The coalition, led by the DeFi Education Fund, emphasized the importance of ensuring these entities are not misclassified under outdated financial rules to support the market structure bill. Signatories, including notable firms like Coinbase, Kraken, Ripple, and a16z, highlighted the potential risk of the US losing ground in open-source development due to regulatory uncertainty. The letter stressed the need for federal safeguards to retain innovation, prevent conflicting state laws, and capitalize on bipartisan support. Senator Cynthia Lummis indicated that the digital asset market bill could reach President Trump’s desk before the year’s end, with proposed oversight from the SEC and CFTC on crypto markets.

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