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Over 100 Crypto Firms Warn Lawmakers to Safeguard Developers

Over 100 Crypto Firms Warn Lawmakers to Safeguard Developers

A coalition of over 100 crypto entities urges the Senate to include protections for software developers in crypto market structure legislation, warning of negative consequences without such safeguards.

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Fact Check
The evidence provided directly confirms the statement. Specifically, sources 1 and 5 from POLITICO Pro state, 'More than 100 cryptocurrency groups and firms are warning senators they must protect software developers,' which corroborates every element of the claim.
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Summary

A coalition of 114 tech lobbying groups and crypto companies, including Coinbase, Andreessen Horowitz, and Uniswap Labs, has sent a letter to the U.S. Senate Banking Committee, urging legal protections for software developers in upcoming crypto market structure legislation. The letter warns that without these protections, the bill will not receive support from the crypto industry. Key concerns include criminal liability for developers involved in decentralized services. The letter emphasizes the importance of shielding developers from prosecution under U.S. code 1960 for non-custodial services and blockchain infrastructure.

Terms & Concepts
  • Blockchain Developer: A programmer who creates and maintains applications and systems built on blockchain technology.
  • Crypto Legislation: Laws or regulatory measures that govern the use, trading, taxation, and development of cryptocurrencies and blockchain technology.