One of the crypto industry’s central lobbying companies – to protect software developers from being held legally responsible when criminals abuse their technology – may be at risk by Democrats led by US Senator Mark Warner, according to people who know legislative negotiations.
The Senate is set to return to Washington work next week with the end of a crypto market structure as one of its top agenda. In the Bipartisan negotiations on this bill, Warner is said to have had reservations over the approach in the US Representative House version of the bill known as Digital Asset Market Clarity Act, which gave developers legal coverage, according to three people with knowledge of the negotiation.
Warner, a Virginia Democrat, Vice -President of Senates Select Committee on Intelligence, maintains a close focus on national security issues, and he is said to have gathered on the violent hacks and money laundering that he is affiliated with the decentralized financing (Defi) the end of the crypto sector. Previously, he has raised objections to reports that cryptocurrency may have been used to move assets to terrorist groups, and he pushed a bill in 2023 that looked to Saddle Defi Platforms with the same anti-money-whale (AML) Requirements for traditional financing companies to meet – a potentially existential threat to the way the decentralized projects work without core management.
Back then, Warner said such an effort would “help maintain the robust AML and sanctions enforcement we need to protect our national security while allowing participants who play according to the rules to continue to take advantage of the potential of distributed headbox technologies,” to sanction and induce bad activity. ” “
Then he pursued a grant provision last year that would have automated a process of sanctioning “foreign digital asset transaction facilitators” – including crypto exchanges – linked to users supporting terrorist groups. So he has a background in trying to keep digital assets insiders responsible for the illegal use of their products.
A spokesperson for the senator did not immediately respond to a request for a comment on his position in recent negotiations, but Republican Senators have tried to fix the Senate’s market structure bill and try to follow the house in a broad, top -artic approval.
Warner is among the Democrats of the Senate Bank Committee – one of the two panels to agree on crypto legislation before it can move on to a floor vote.
Unlike with the more aggressive attitude of co -democratic senator Elizabeth Warren, the industry generally sees Warner as a member with a balanced view of crypto questions, after supporting the sector in previous votes, such as in the recent passage of the bill to regulate US Stigecoin issuers -still stands as an industry’s greatest performance in Washington. Digital assets Political organization stands with crypto gives him an “A” class as a legislature who “strongly supports crypto.”
When the guidance and establishment of national innovation for us stableecoins (Genius) The action was still moving through the Senate before its passage by a broad margin in June, some Democrats had stopped the process of this bill to object to security and illegal financial aspects of the industry (In addition to the potential conflicts that President Donald Trump’s own stableCOin business interests make up.) The disagreements were kicked down the road in favor of a slight passage of the previous bill, with the knowledge that this market structure legislation would be a better place to hash out of these concerns.
This debate is now arriving in the bill, which is Lynchpin for the sector for digital assets Washington plans. This legislation, which is to establish tailor -made rules for US crypto transactions, is seen as necessary for the industry to come to its own and to bring the remaining institutional players and hesitant retail investors into the area of digital tokens.
Behind closed doors, crypto lobbyists wonder about Warner’s background in venture capital work for technology companies will help them make a case to protect software-writing innovators from legal responsibility. In the light of cases such as Tornado Cash Developer Roman Storm’s recent criminal conviction reinforces the urgent to establish a shield.
Read more: Roman Storm guilty of illegal money that transmits conspiracy in partial judgment
