More than 100 organizations in the cryptocurrency sector have collectively called on lawmakers to protect the rights of software developers in the process of drafting laws related to the cryptocurrency market.
The group of stakeholders emphasizes the necessity of protective provisions for self-custody and peer-to-peer transactions in the market structure bill to ensure the freedom to develop and access the blockchain network without excessive regulations.
MAIN CONTENT
Over 100 cryptocurrency organizations have proposed to Senate committees regarding the protection of developers in market law.
The law must protect self-custody rights and peer-to-peer transactions in the blockchain sector.
It asserts that there should be no administrative regulations on individuals or organizations involved in developing and supporting the blockchain network.
Why do cryptocurrency organizations propose to protect developers in the new regulations?
This is a step to prevent the establishment of regulations that could hinder the development of foundational blockchain technology. When software developers are not overly regulated, they can freely innovate and maintain more efficient systems.
The Block reported that more than 100 organizations, including groups like the DeFi Education Fund and Blockchain Association, submitted proposals to the leaders of the Banking and Agriculture Committees in the Senate. These committees play a crucial role in drafting laws related to cryptocurrency.
This helps increase transparency and promotes sustainable development for the cryptocurrency industry, enabling innovative businesses without fear of excessive legal restrictions.
What protective provisions should the market structure bill include for self-custody and peer-to-peer transactions?
Stakeholders emphasize that the bill should include clear language protecting user rights in self-custody of assets and conducting direct transactions without needing a third party.
The letter to the Senate committee states: no individual or organization should be regulated simply for participating in the creation, development, launch, or maintenance of a blockchain network, or for allowing users to access through software interfaces while retaining control of their assets.
Protecting self-custody rights and peer-to-peer transactions is fundamental to the development of DeFi and decentralized blockchain applications, allowing users to have complete control over their digital assets and minimizing risks from third parties.
"No one should be subject to administrative control just for participating in the development or maintenance of a blockchain network; this is essential to promote innovation in the industry."
– Leader of the DeFi Education Fund, 2023
How do the activities of Senate committees affect cryptocurrency law?
The Banking Committee and the Agriculture Committee are two key legislative bodies shaping policies on the cryptocurrency market in the U.S. They control the introduction and approval of draft laws related to trading activities and the development of digital asset infrastructure.
The involvement of cryptocurrency organizations in the law-making process helps ensure that regulations do not stifle the convenient, transparent, and fair development of technology while protecting individual and business rights.
Recommendations focus on protecting self-custody rights; peer-to-peer transactions allow the cryptocurrency industry to develop while ensuring strict regulatory standards that align with technical realities.
Do stakeholders have specific proposals to protect software developers and user rights?
Organizations propose that the bill contains provisions prohibiting the application of laws to the development, deployment, and maintenance of blockchain networks, while protecting users' rights to maintain control of assets through software interfaces.
This proposal aims to remove unnecessary legal barriers while enhancing transparency in law to create a favorable environment for technological innovation and diverse cryptocurrency market development.
Frequently Asked Questions
Who has submitted a proposal regarding the cryptocurrency market law?
Over 100 prominent cryptocurrency organizations such as the DeFi Education Fund, Blockchain Association, along with major companies like Coinbase, have submitted proposals to Senate committees.
Why is it necessary to protect self-custody and peer-to-peer transaction rights?
This foundation helps users control assets without relying on third parties, increasing decentralization and reducing risks associated with intermediaries.
Which committee is primarily responsible for cryptocurrency law?
The Banking and Agriculture Committees in the Senate play an important role in building and overseeing laws on the cryptocurrency market.
How might the new regulations impact software developers?
The protection will allow developers to freely develop, maintain, and update the blockchain network without being bound by excessive administrative regulations.
What impact does the proposal have on current law?
It promotes the inclusion of protective provisions for self-custody and peer-to-peer transactions, ensuring the new law does not hinder the development of the cryptocurrency industry.
Source: https://tintucbitcoin.com/100-organizations-call-for-dev-protection/
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