Coin Center urges Senate not to axe crypto developer protection bill
Coin Center said internet and cloud hosting providers aren’t prosecuted when criminals misuse their platforms, arguing crypto developers shouldn’t be either.
Crypto industry lobby Coin Center has sent a letter to the US Senate Banking Committee urging it to advance a bill that would prevent well-intentioned crypto developers from being prosecuted.
The Blockchain Regulatory Certainty Act (BRCA) was first introduced by House Representative Tom Emmer in September 2018, with a new version of the bill written last month by Senators Cynthia Lummis and Ron Wyden to clarify that software developers and infrastructure providers who do not control user funds are not money transmitters under federal law.
Coin Center policy director Jason Somensatto’s letter to the Senate Banking Committee, which he shared on Tuesday, further stated that blockchain innovation cannot thrive in the US when developers face constant threats of prosecution and that they deserve the same legal protections as ordinary internet developers.