With the growing number of crypto organizations, over 110 of them, including DeFi Education Fund and Coinbase, have reached out to the U.S. Senate, asking for software developer protections in the new digital asset regulations.
Senate Appeal
More than 110 crypto organizations have formally appealed to the U.S. Senate to include explicit protections for software developers in upcoming digital asset regulations. This appeal aims to prevent excessive regulation of developers, potentially aiding future blockchain innovation and market growth.
Crypto Coalition's Statement
In a joint statement addressed to the Senate Banking and Agriculture Committees, leading crypto organizations emphasized the need for developer protections in regulatory statutes. The coalition, which includes significant industry players like Coinbase and Uniswap Labs, asserts that no entity should be regulated solely for developing software that enables access to blockchain networks.
Potential Consequences
This initiative has substantial implications for the crypto industry, targeting the reduction of regulatory pressures on developers. Support from market leaders indicates its economic and strategic importance. Should the Senate adopt such measures, it could pave the way for enhanced blockchain network growth.
The discussion on protecting software developers underscores the importance of clear regulations for maintaining an innovative and fair cryptocurrency ecosystem. With the adoption of relevant measures, the Senate could improve conditions for developers and strengthen trust in the industry.
