Ah, the sweet scent of urgency in the air as the Defi Education Fund and 111 other institutions have penned a letter to Congress, demanding protection for blockchain developers in the upcoming regulations. The coalition, standing firm like a knight at the gates, made it clear: “No protections, no market structure bill.” Simple as that.
112-Institution Defi Coalition Pushes Congress for Blockchain Development Protections
In this ever-evolving world of technology, where things change faster than you can say “decentralized finance,” institutions are scrambling to secure the future of blockchain in the U.S. The Defi Education Fund, along with a coalition of 112 institutions, is waving the red flag, begging Congress for mercy. Their plea? Provide protection for crypto developers and non-custodial service providers before the whole thing collapses like a poorly coded smart contract.
In the letter, the coalition, featuring big names like A16z Crypto, Coinbase, Kraken, and Ripple (you know, the usual suspects), demanded that Congress step up and “provide robust, nationwide protections for software developers and non-custodial service providers in market structure legislation.” What a bold request, right? But wait, there’s more-without such protections, they can’t, in good faith, support any market structure bill. Shocking, I know.
They explain that since 2021, the percentage of open-source software developed in the U.S. has plummeted from 25% to 18%. Why? A lack of regulatory clarity, of course! If you want to know why the United States is slowly losing its grip on the crypto world, it’s because nobody knows where they stand, and when people are left guessing, they pack their bags and go elsewhere.
The letter further clarifies that this is not just a cry for help-it’s a demand for justice. The upcoming legislation must include federal protections for blockchain developers and non-custodial service providers. After all, what good is innovation if the people who create it are left vulnerable to the whims of regulation?
The letter was sent with a sense of urgency, especially after Roman Storm, co-founder of Tornado Cash, was found guilty of conspiracy to operate an unlicensed money transmitting business. Now, the entire crypto community feels the sting of the ruling, which has been dubbed as “regulation by prosecution”-a policy that has made life hard for anyone daring to work in the space.
To wrap it all up, the coalition doesn’t just want vague promises. No, they’re proposing to improve developer protections in the CLARITY Act. Their goal? Nationwide protections that will allow developers to innovate freely without fear of waking up to a government subpoena at their door. A world where developers can get back to doing what they do best-building the future.
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2025-08-28 11:13