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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 groups, including the U.S. Marshals Association and the Local Prosecutors Association, have recently sent letters to members of Congress opposing a provision in the Senate Cryptocurrency Market Structure Act that would protect DeFi software developers from being designated 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 will not accept modifications to the substantive text. Democratic Senator and Judiciary Committee Chair Chuck Grassley and others have called for adjustments to the wording. After Congress adjourns, it remains unclear whether the bill can gain bipartisan support to advance for committee review. (Source: Foresight News)