Seven Major Crypto Organizations Call for Inclusion of Blockchain Regulatory Certainty Act in Comprehensive Regulatory Bill to Protect Decentralized Platform Developers.
An alliance of seven leading crypto policy organizations has jointly called on US legislators to include a bill protecting software developers in the comprehensive legal framework for digital assets. This move aims to ensure blockchain developers are not subject to regulations designed for traditional financial institutions.
The joint statement was published on Thursday, involving DeFi Education Fund, Coin Center, Solana Policy Institute, The Digital Chamber, Blockchain Association, Crypto Council for Innovation, and Bitcoin Policy Institute. These crypto organizations unanimously requested the inclusion of Blockchain Regulatory Certainty Act in the draft bill regulating digital asset market structure.
The Blockchain Regulatory Certainty Act, reintroduced last month by Representatives Tom Emmer (Republican, Minnesota) and Ritchie Torres (Democrat, New York), aims to clarify that non-custodial platforms and their developers should not be classified as money transfer organizations or unlicensed financial service providers.
"As the US builds the necessary legal framework for digital assets, it is crucial to recognize that peer-to-peer, non-custodial software developers and infrastructure providers for decentralized networks have very little in common with traditional financial institutions and should not be regulated as such," the statement emphasized.
Legal Debate at Capitol Hill
Legislators in Washington continue to debate how to regulate the entire crypto industry. In the House, the Digital Asset Market Clarity Act (Clarity) aims to build a clear legal framework for digital assets by defining the roles of SEC and CFTC, and establishing disclosure obligations and customer asset segregation.
The House Financial Services Committee hearing on Wednesday focused on the Clarity bill but faced criticism from some Democratic members regarding President Donald Trump's support for crypto. Concerns included Trump launching World Liberty Financial, issuing his own stablecoin, and even potentially backing a meme coin.
The discussion also delved into complex technical issues, including the definition of "decentralization" and criteria for assessing blockchain system maturity. Another hearing hosted by the Democratic Party is scheduled for Friday to continue discussing the market structure draft bill.
In the Senate, Senator Cynthia Lummis (Republican, Wyoming) indicated that drafting the market structure regulatory bill will begin next week, showing increasing legislative momentum in both congressional chambers.
