115 DeFi and Crypto Firms Demand Senate Protections for Developers in Market Bill

A coalition of 115 crypto builders, investors, and advocates has issued a stark warning to the U.S. Senate: without explicit federal protections for blockchain developers, they will not support pending market structure legislation. The group's letter to the Senate Banking and Agriculture Committees emphasizes the need to distinguish open-source software creation from financial intermediation.

The signatories argue that developers maintaining decentralized networks should not be treated like banks or exchanges under laws such as 18 U.S.C. § 1960. They're seeking preemption of conflicting state regulations to avoid a patchwork of 50 different legal standards. While acknowledging positive elements in current drafts—including the Blockchain Regulatory Certainty Act—the coalition insists stronger language is needed to safeguard innovation.