Crypto Leaders Urge Congress: Protect Developers or Risk Falling Behind

A big group of crypto supporters, including investors and developers, has sent a strong message to the U.S. Senate. They are calling for clear rules to protect people who create open-source software. Without these protections, they warn, the U.S. might lose its edge in the crypto world.

Key Points from the Letter

• Signed by over 110 groups, the letter highlights that the U.S. is already losing developers.
• In just a few years, the number of open-source developers in the country dropped from 25% to 18%.
• The reason? Lack of clear guidance on how to follow the rules.

Traditional Finance vs. Crypto

The letter emphasizes a key difference between traditional finance and crypto:

• Traditional finance has clear rules.
• Crypto needs protections that make sense for open-source development.
• If the U.S. wants to stay ahead, it must keep welcoming innovation in this space.

Recent Progress and Concerns

The letter praises recent steps taken by both the House and the Senate:

• They have included protections for developers in their drafts of the CLARITY Act.
• However, the letter stresses that these protections must stay in the final bill.
• It must be clear that developers won’t be regulated just for creating and maintaining blockchain networks.

The Bottom Line

The message is clear: Protect developers, or risk losing the crypto industry to other countries. It’s a bold statement, but one that could shape the future of crypto in the U.S.