Senator Lummis offers DeFi protections bill as broader market structure draft nears

2026-01-12 23:39:30

Source: CryptoNewsNet Original Title: Senator Lummis offers DeFi protections bill as broader market structure draft nears Original Link: Republican Senator Cynthia Lummis is pushing one of the key decentralized finance (DeFi) provisions in the Senate’s overall market structure bill as its own text, alongside Democrat co-signer Ron Wyden, as the crypto industry and its Washington lobbyists wait for the unveiling of the new draft.

Crypto’s DeFi sector has repeatedly said it’s non-negotiable that the market structure legislation protects software developers that don’t control people’s money from treatment as money transmitters. While there was a section of an earlier Senate draft that shielded those developers, that’s been back on the negotiating table. Meanwhile, Lummis and Wyden, an Oregon Democrat, are introducing that provision as a standalone bill.

“It’s time to stop treating software developers like banks simply because they write code,” Lummis said in a statement.

A person familiar with the effort said it’s aimed at underlining that this particular issue has bipartisan support, though its separate introduction is sure to raise questions about whether it will remain as a section in the bigger bill.

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