The crypto industry’s Washington lobbyists are trying to draw a line in the sand over the market structure bill that’s steaming through the U.S. Senate, saying they can’t back a law that wouldn’t fully protect software developers from being held responsible for bad actors abusing their technology.

The industry made its case to the Senate’s Banking and Agriculture committees “with one voice,” sending a letter Wednesday signed by Coinbase, Kraken, Ripple, a16z, Uniswap Labs and more than a hundred other crypto businesses and organizations, including almost all of the major U.S. lobbying groups. This unified effort comes the week before the Senate gets back to work, and likely rekindles full negotiations on the language of the legislation that represents the industry’s top U.S. goal.

“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.”

A bill to regulate how crypto is overseen in the U.S. has already passed the U.S. House of Representatives in a version known as the Digital Asset Market Clarity Act. It’s now in the hands of the Senate, where Senator Tim Scott, the chairman

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Author: Jesse Hamilton