112 crypto companies urge Senate to protect developers in market structure bill

Coinbase, Kraken, Ripple, a16z and others pressed the Senate to add explicit protections for developers and non-custodial services in the market structure bill.

A coalition of 112 crypto companies, investors and advocacy groups has called on the US Senate to include protections for software developers and non-custodial service providers in upcoming market structure legislation.

In a letter sent Wednesday to the Senate Banking and Agriculture Committees, the industry spoke “with one voice,” urging lawmakers to ensure developers and non-custodial actors are not misclassified as intermediaries under outdated financial rules.

“Provide robust, nationwide protections for software developers and non-custodial service providers in market structure legislation,” the letter said. “Without such protections, we cannot support a market structure bill.”

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