115 Crypto Firms Urge US Senate for Protections in Market Structure Bill

115 crypto companies and organizations have petitioned the US Senate for protections for open-source software developers and non-custodial service providers in upcoming market structure legislation. This coalition, led by the DeFi Education Fund, includes notable supporters like Coinbase and Ripple.

Key Points from the Coalition's Letter

The letter emphasizes the necessity of robust nationwide protections for software developers and non-custodial service providers.
The decline of open-source software developers in the US is noted, dropping from 25% in 2021 to an expected 18% by 2025 due to regulatory uncertainties.
Legislation should classify blockchain technology as neutral infrastructure and protect crypto developers from outdated regulatory frameworks designed for traditional finance.
Past bipartisan support for similar initiatives indicates a strong consensus on the need for enhanced legislative protections.

The coalition aims to ensure that crypto developers are not misclassified as money transmitters and can operate without facing regulatory penalties. The push for comprehensive federal protections is framed as a bipartisan issue, reflecting past legislative successes.