US Senate panel wants developer safeguards out of crypto bill

The Republican and Democratic Senate Judiciary leaders have called for changes to the market structure bill, arguing it would “weaken” the ability to police money transmitters.

US Senate Judiciary Committee leaders are seeking to remove crypto developer protections from the Senate’s crypto market structure bill, arguing the provisions would weaken unlicensed money transmitting laws.

Senate Judiciary chair Charles Grassley and the committee’s top Democrat, Richard Durbin, told Senate Banking Committee chair Tim Scott and top Democrat Elizabeth Warren on Wednesday that the crypto bill as drafted would “create a significant enforcement gap for decentralized digital asset platforms.”

“Such a gap risks attracting illicit actors — like cartels and other sophisticated criminal organizations — to decentralized platforms,” Grassley and Durbin said in a letter Politico first reported on Friday. 

Read more