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The protection of DeFi developers in the U.S. Senate's Cryptocurrency Market Structure Act faces joint opposition from law enforcement agencies.
ME News report: On April 9 (UTC+8), multiple law enforcement agencies, including the U.S. Marshals Association and the local prosecutors’ association, have recently sent letters to lawmakers in Congress, opposing a provision in the Senate’s Cryptocurrency Market Structure Act that protects DeFi software developers from being classified as money transmitters. They argue that this provision would weaken law enforcement’s ability to combat financial crimes. Senate Banking Committee Chair Tim Scott and Senator Cynthia Lummis insist that the provision cannot be amended, and the crypto industry has also clearly stated that it does not accept any substantive changes to the actual text. Democratic Senator and Judiciary Committee Chair Chuck Grassley, among others, have called for adjustments to the wording. After Congress adjourns, it remains unclear whether the bill can secure support from both parties to move forward to committee review. (Source: Foresight News)