Over 110 cryptocurrency organizations, including major companies like Coinbase and Ripple, have reached out to the US Senate urging for protections for blockchain developers in legislative initiatives.
Legislative Challenges for Developers
In a letter coordinated by the DeFi Education Fund, it was stated that without clear protections, developers might face inappropriate regulatory burdens designed for traditional financial intermediaries who manage customer assets.
Key Legislative Proposals
The organizations praised existing provisions in proposed acts such as the Blockchain Regulatory Certainty Act and the Keep Your Coins Act, which protect peer-to-peer transaction rights and self-custody. However, they also called for federal preemption to avoid creating a 'patchwork of 50 state laws' that could complicate compliance for developers operating across jurisdictions.
Broad Congressional Support for the Initiative
The letter also highlighted bipartisan Congressional support for protecting blockchain developers. The coalition referenced House backing for the CLARITY Act as an example of cross-party consensus on this issue.
The coalition urges senators to strengthen developer protections in upcoming legislation to maintain US competitiveness in blockchain technology development.
