An unlikely alliance is forming in U.S. crypto policy, as Sen. Elizabeth Warren and the DeFi Education Fund criticize the Senate’s draft legislation. The bill focuses on SEC oversight and introduces “ancillary assets” to distinguish crypto from securities. Warren’s team identified five flaws, including inadequate investor protection and national security risks. DEF also criticized the bill for not protecting software developers. 115 organizations, including major players like Coinbase and Ripple, signed a letter criticizing the legislation for not offering protection to developers. They argue that developers who write code shouldn’t be treated as “money transmitters.”

Read more at Yahoo Finance: Elizabeth Warren and crypto industry unite in ‘unlikely alliance’ slamming Trump’s bill