Crypto Industry May Oppose U.S. Market Structure Bill if DeFi Developer Protections Fall Short

Source: CryptoNewsNet Original Title: Crypto crowd could still walk away from U.S. market structure bill if DeFi needs unmet Original Link: If software developers underpinning decentralized finance (DeFi) aren’t sufficiently protected in the next draft of the crypto regulatory bill from the U.S. Senate, the industry may still oppose the legislation it’s spent years advocating for.

Currently, the traditional financial sector—including securities industry groups—is most aggressively pushing back on the DeFi sector’s requests, according to industry leaders. This comes as Senate committees prepare to vote on the crypto market structure bill next week, marking a significant step toward final Senate consideration of the industry’s key legislation.

“We are hopeful that what ends up in the bill will still protect software developers,” said the DeFi Education Fund Executive Director. “We’ve had the chance to work productively with Senate staff and traditional finance representatives in meetings, but some points remain uncertain. I do have concerns that those in traditional finance are just not on the same page as us when it comes to promoting innovation and protecting innovation.”

The outcome of developer protection provisions will likely determine whether the crypto industry ultimately supports or opposes the final legislation.