100+ Crypto Firms Unite for DeFi Protections in Market Structure Bill
Industry rallies to ensure software developers aren’t caught in traditional finance rules
Welcome to the Wednesday edition of the Crypto In America newsletter!
What you’ll read: More than 110 crypto companies find common ground, the CFTC is down to a single commissioner, Summer Mersinger weighs in on the agency’s skeleton crew and this week’s biggest headlines.
More than 110 crypto companies, investors, and advocacy groups have signed a letter led by the industry’s top DeFi advocacy organization, warning Senate Banking and Agriculture Committee leaders that they cannot support market structure legislation without explicit protections for open-source software developers and non-custodial service providers.
Backed by heavyweights like Coinbase, a16z crypto, and Ripple, along with top projects, investment firms, and state blockchain councils, the DeFi Education Fund warns that treating developers who publish code or enable non-custodial blockchain access as financial intermediaries could derail blockchain innovation in the U.S.
“…it is critical that legislation recognizes and preserves the historical protections afforded to open-source software development, and ensures that software developers and non-custodial service providers…are not forced into unworkable regulatory categories designed for the traditional, intermediated financial world.”
The coalition notes that the share of U.S.-based open-source software developers has fallen sharply, from 25 percent in 2021 to just 18 percent in 2025, according to the White House’s recent digital assets report.
While the letter praises the House and Senate for including some developer protections and the right to self-custody digital assets in current market structure drafts, the coalition says it’s not enough, calling instead for explicit federal rules that shield DeFi builders, ensure nationwide regulatory consistency, and protect U.S. open-source innovation.
Why it matters: This is the most unified public stance yet from the industry on market structure and is likely to put extra pressure on Senate lawmakers not to water down developer protections when negotiations resume in the coming weeks.
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From Agency to Industry: Summer Mersinger Joins the Podcast
CFTC Commissioner-turned-Blockchain Association CEO Summer Mersinger joins Crypto In America to recap the SALT Wyoming Blockchain Symposium and offer an insider’s view of the CFTC, its leadership limbo, and its readiness to oversee crypto markets despite far fewer resources than the SEC.
She breaks down what strong DeFi protections could mean for software developers, explains why bipartisan collaboration in Congress could finally deliver clear crypto market structure legislation, and shares why she wants to reshape the narrative around Bitcoin mining.
Catch the full episode on all platforms here.
And Then There Was One
Starting next Wednesday, the CFTC will be down to a single commissioner following Democratic Commissioner Kristin Johnson’s announcement that her final day at the agency will be September 3.
Her departure leaves Acting Chair Caroline Pham as the sole commissioner on a body typically composed of five members. Unlike the SEC, the CFTC does not require a quorum to operate, allowing a single commissioner to make agency decisions even when other seats are vacant. In this lone role, Pham will manage operations, oversee ongoing investigations, and direct the preparation of enforcement actions and whistleblower matters, though major filings and awards still require a full commission vote.
It remains unclear how long Pham, a Republican, will serve solo, as the White House has not publicly named candidates to fill the four vacant seats left by former commissioners Summer Mersinger (R), Rostin Behnam (D), Christy Goldsmith Romero (D), and now Kristin Johnson (D).
In her interview with Crypto In America, Mersinger said the vacancies reflect the Trump administration’s tendency to favor partisan commissions fully aligned with its agenda over bipartisan ones, a practice that has drawn widespread criticism in Washington.
Meanwhile, the confirmation of Trump’s pick for permanent chair, Brian Quintenz, remains uncertain after a nomination vote was paused before the August recess.
Pham has signaled plans to return to the private sector once a new chair is confirmed, with rumors now circulating that she may be preparing to join crypto payments firm MoonPay. Crypto In America reached out to MoonPay and the CFTC for confirmation earlier this week. MoonPay declined to comment. A CFTC spokesman did not deny the rumor.
Midweek Update
ICYMI. Here are some of the biggest headlines so far this week:
Trump Media joins forces with Crypto.com and SPAC Yorkville to launch a digital asset treasury focused on Cronos (CRO), the native token of Crypto.com.
U.S. Commerce Secretary Howard Lutnick says the Department of Commerce will publish economic statistics, including GDP data, on the blockchain.
Democratic CFTC Commissioner Kristin Johnson announced she will depart from the agency on September 3.
Prediction platform Polymarket announced it has secured funding from 1789 Capital and added Donald Trump Jr. to its advisory board.
IRS crypto chief Trish Turner has resigned after 3 months on the job to join crypto tax service firm Crypto Tax Girl.
President Trump ordered the removal of Fed Governor Lisa Cook, citing alleged false mortgage statements, but Cook is challenging the unprecedented move in court and refusing to step down.
The World Federation of Exchanges is calling on regulators to crack down on tokenized stocks, saying they mimic equities without providing the same rights or protections.
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