U.S. Senators Chuck Grassley and Dick Durbin have expressed opposition to the inclusion of developer protections in the crypto market structure bill, arguing it would weaken federal money transmitter rules. In a letter to the Senate Banking Committee, the senators criticized Section 604 of the bill, which aims to shield software developers from liability if their products are misused by third parties. They emphasized that the Judiciary Committee, which oversees legal statutes, was not consulted on these changes.
The letter, dated January 14, highlighted the Department of Justice's case against Tornado Cash developer Roman Storm as evidence of the importance of existing laws against unlicensed money transmitting businesses. This opposition adds to the challenges facing the market structure bill, which has already faced delays due to mounting resistance. Senators Cynthia Lummis and Ron Wyden had introduced the Blockchain Regulatory Certainty Act separately, indicating potential exclusion from the main bill. The ongoing debate underscores the complexities in balancing regulatory oversight with innovation in the crypto sector.
U.S. Senators Oppose Developer Protections in Crypto Market Bill
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