"Virtual Asset Market Structure Bill Should Protect Developers and Non-Custodial Services"
Summary
- 112 blockchain industry organizations in the U.S. jointly called for legal protection of software developers and non-custodial service providers.
- The industry interpreted the declining proportion of open-source developers in the U.S. as a result of regulatory uncertainty.
- It is assessed that the direction of the market structure bill will have a direct impact on the U.S. developer ecosystem and global competitiveness.
According to Blockworks, a crypto-focused media outlet, on the 27th (local time), 112 industry organizations in the United States—including blockchain projects, companies, and research institutions—jointly signed an open letter to Congress requesting legal protection for software developers and non-custodial service providers.
This letter was led by the DeFi Education Fund and was delivered to Senators Tim Scott and Elizabeth Warren of the Senate Banking Committee, as well as Senators John Boozman and Amy Klobuchar of the Senate Agriculture Committee.
These two committees oversee the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC), and are thus expected to play a critical role in shaping the final market structure legislation.
The letter cited materials from Electric Capital. The referenced materials show that the proportion of open-source developers in the U.S. continues to decline, which the industry interprets as a result of regulatory uncertainty.
Industry experts note that this letter goes beyond a simple legislative petition. They assess that the direction of the market structure bill could be directly linked to maintaining the developer ecosystem in the U.S. and securing global competitiveness.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
