Crypto Lobby’s Secret Plot to Protect Developers—What Are They Hiding?

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Crypto Lobby’s Secret Plot to Protect Developers—What Are They Hiding?

Ah, the grand theater of American legislation, where the largest crypto lobbying groups, in a display of camaraderie bordering on the theatrical, have begged lawmakers to shield their beloved software developers and infrastructure providers from the relentless gaze of regulation. Because nothing screams freedom like a cautious whisper behind closed doors, doesn’t it? 💼🕵️‍♂️

On the illustrious day of June 5, these saintly groups — the DeFi Education Fund, Coin Center, the Solana Policy Institute, The Digital Chamber, Blockchain Association, Crypto Council for Innovation, and the Bitcoin Policy Institute — united in their noble quest, urging that a supplementary bill be tacked onto the existing crypto market structure legislation. Ah, the art of legislative addition—truly a craft for the ages.

Their petition? To include the Blockchain Regulatory Certainty Act (BRCA), thus granting a much-needed sanctuary for non-custodial crypto platform developers, shielding them from being branded as money transmitters. Because, of course, creating decentralized magic should never be muddled with old-fashioned money transmission. 🎩✨

And what of the grand CLARITY Act of 2025? Begrudgingly introduced in late May, it seeks to redefine the roles of those oh-so-important regulators—the SEC and CFTC—who, let’s be honest, often seem to enjoy playing musical chairs with rules. Meanwhile, Representatives Tom Emmer and Ritchie Torres have reintroduced the BRCA, proving, perhaps, that bureaucracy is a sport whispered about in hushed society halls.

“It is critically important,” they declare, “to remember that developers of peer-to-peer, non-custodial software, and infrastructure providers—those merry creators of decentralization—have little in common with stodgy traditional financial institutions and should not be treated as such.” How very thoughtful of them, isn’t it? 😊

Neeraj Agrawal, the wise communications director of Coin Center, adds that the primary concern remains: guarding against “the ever-present risk of unconstitutional surveillance requirements,” which is quite the way to keep privacy alive—by whispering sweet nothings about constitutional rights. 🕶️🔍

Earlier this week, the same valiant lobby urged the nation’s lawmakers to pass a stablecoin regulation bill with all the haste of a gossiping socialite. Their plea? Don’t clutter the bill with pesky clauses and let’s end the debate—because who truly appreciates discussion when legislation can be so swiftly passed?

US policymakers—Changing Tune or Just a New Dance?

Once upon a time, during the glory days of the Trump administration, the US government’s stance on crypto was akin to a cat watching a cucumber—amusing and unpredictable. But now, SEC chief Paul Atkins, on June 3, declared that the era of crypto regulation through enforcement is over. Instead, a more genteel approach of engagement is to be expected. How novel! 🐱🥒

Next week’s political ballet will see the Senate decide whether Brian Quintenz, anointed by the Trump administration with a hefty fortune and crypto included, will ascend to lead the CFTC. Because nothing says stability like a man with millions and a crypto portfolio sitting confidently on his assets—blind to the irony, perhaps.

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2025-06-06 10:16