Over 110 crypto companies, investors, and advocacy groups have called on the US Senate to include protections for open-source software developers and non-custodial service providers in upcoming market structure legislation. The coalition, which includes major players like Coinbase, a16z crypto, and Ripple, expressed concerns that treating developers as financial intermediaries could stifle blockchain innovation in the US. They highlighted a decline in the proportion of US open-source developers, from 25% in 2021 to a projected 18% by 2025, as a key issue.
The group praised the current draft for including some developer protections and self-custody rights but urged for clearer federal rules to safeguard DeFi developers and ensure consistent national regulation. The letter underscores the importance of maintaining a supportive environment for blockchain development to prevent further decline in US-based open-source contributions.
Crypto Firms Urge US Senate to Protect DeFi in Market Structure Bill
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.