Gate News message: On April 9, the American Sheriff’s Association and several other law enforcement groups, including the Association of Local Prosecutors, have recently sent letters to members of Congress opposing a provision in the Senate’s crypto-asset market structure bill that would protect DeFi software developers from being classified as money transmitters. They argue that the provision would weaken law enforcement agencies’ ability to combat financial crime. Senate Banking Committee Chair Tim Scott and Senator Cynthia Lummis insist that the provision cannot be altered, and the crypto industry has also clearly stated that it will not accept modifications to the substantive text. Democratic Senators, including Chuck Grassley, the chair of the Judiciary Committee, and others have called for adjusting the wording. After Congress reconvenes from its recess, whether the bill can secure bipartisan support to move forward to committee consideration remains unclear.
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