Crypto Lobbyists Demand Senate Protections for Software Developers in Market Bill
The crypto industry's lobbyists are advocating for protections for software developers in the ongoing market structure bill in the U.S. Senate. Key points include:
- A letter was sent to Senate committees by over 110 organizations, including Coinbase and Kraken, emphasizing the need for robust protections.
- They stated they cannot support the bill without these protections to shield developers from liability due to misuse of their technology.
- The bill, known as the Digital Asset Market Clarity Act, has already passed the House of Representatives and is being discussed in the Senate.
- Lobbyists stress the importance of recognizing open-source software development protections in the legislation.
- The Fairshake PAC, representing a significant political force, has raised over $140 million for upcoming elections.
- Bipartisan progress on crypto regulations has been unprecedented this year, with substantial votes on various bills.
- Concerns exist regarding potential legal liabilities for developers, particularly from Senator Mark Warner.
- Recent comments from a Department of Justice official indicated that non-malicious developers would not be targeted, but formal legislation is needed for assurance.