The crypto industry's lobbying groups in Washington are taking a united stance on the market structure bill, emphasizing the need for robust protections for software developers and non-custodial service providers. In a letter signed by over 100 crypto businesses and organizations, including Coinbase, Kraken, and Ripple, the industry has called for nationwide protections to be included in the legislation. The letter states that without such protections, the industry cannot support the bill.
This move comes as the Senate prepares to resume work on the bill, which has already passed the House of Representatives in the form of the Digital Asset Market Clarity Act. The industry is pushing for the recognition and preservation of historical protections for open-source software development, and to prevent software developers from being forced into unworkable regulatory categories.
The lobbying effort is being led by the DeFi Education Fund, the Blockchain Association, and other major crypto organizations, which have become a significant political force in recent years. The industry's progress on crypto-related legislation has been unprecedented this year, but the market structure bill is expected to be the greatest test yet.