Statement on Crypto Market Structure Legislation

We’re encouraged by the recent momentum around digital asset market structure legislation and the growing recognition in Washington that regulatory clarity matters. Getting jurisdictional lines right and providing workable rules for intermediaries is important, overdue work.

But progress on market structure will be a failure if it comes at the expense of core protections for developers and the right to self-custody. Open-source developers writing and publishing code should not be treated as regulated financial intermediaries, and individuals must retain the ability to hold and transact with their own assets without being forced into custodial chokepoints.

Market structure should enable responsible innovation, not centralize it. Any framework that sacrifices developer protections or self-custody rights in the name of clarity misses the point—and risks undermining the very technologies these reforms are meant to support.