In Washington, D.C., on Thursday, a coalition of cryptocurrency advocacy groups called for the inclusion of developer protection in the upcoming digital asset market structure legislation. (Source: CoinDesk, Date: May 16, 2024)
The DeFi Education Fund, Coin Center, and other organizations issued a joint statement urging lawmakers to incorporate the Blockchain Regulatory Certainty Act into the broader market structure bill. This act aims to clarify that non-custodial crypto platforms and their developers are not money transmitters.
The groups emphasized the distinction between software developers and traditional financial institutions, advocating for different regulatory treatment. The House Financial Services Committee discussed the Digital Asset Market Clarity Act on Wednesday, addressing regulatory frameworks for crypto and disclosure requirements.
A separate hearing led by Democrats is scheduled for Friday to discuss the market structure bill. Senator Cynthia Lummis announced on Tuesday that work on a market structure bill would begin next week. (Source: Bloomberg, Date: May 14, 2024)