U.S. Crypto Firms Urge Congress for Developer Protection in New Legislation

Major U.S. cryptocurrency firms are calling for enhanced protections for open-source developers as new legislation nears, urging the Senate to address regulatory ambiguities that could harm innovation and lead to a talent exodus. Over 110 companies, including Coinbase, Ripple, and a16z crypto, joined forces in a letter to Congressional committees on August 27th, emphasizing the need for explicit safeguards for developers and non-custodial service providers. Their argument is that these provisions are essential for the market structure bill’s success and crucial for upholding U.S. dominance in the cryptosphere.