Protections for DeFi developers in the U.S. Senate cryptocurrency market structure bill face joint opposition from law enforcement groups
Foresight News reports that, according to POLITICO, several law enforcement organizations, including the National Sheriffs’ Association and the Association of Prosecuting Attorneys, have recently sent letters to members of Congress opposing a provision in the Senate cryptocurrency market structure bill that would protect DeFi software developers from being classified as money transmitters. They argue that this provision would undermine law enforcement’s ability to combat financial crime.
Senate Banking Committee Chair Tim Scott and Senator Cynthia Lummis insist that the provision cannot be removed, and the crypto industry has also made it clear that it will not accept changes to the substantive text. However, Democratic Senator and Judiciary Committee Chair Chuck Grassley and others have called for the language to be revised. Whether the bill will gain bipartisan support to advance to committee review after Congress recesses remains to be seen.
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