As the United States continues to increase its crackdown on the cryptocurrency industry, Senator Cynthia Lummis is speaking out on behalf of the asset class, calling for clear regulatory guidelines to be established for the industry.
In a recent explosive statement shared via her official X account, she made a powerful statement. name Opposes America’s ‘overly aggressive’ approach to regulation. Part of the statement reads:
“We are deeply concerned by the Department of Justice’s extremely aggressive assertion that non-custodial software could constitute a money transmission service.”
For what it’s worth, it’s not uncommon for Senator Lummis to lend his voice to Bitcoin and the overall cryptocurrency market. But this time she argues that the DoJ’s position does not just contradict existing Treasury guidance. She also lacks common sense and violates the rule of law, Lummis noted.
She explained that arguments against self-management software threaten the basic property rights of ordinary Americans. Lummis argues that individuals have the right to hold their own keys and run their own nodes. But the senator argues that by criminalizing it, the Biden administration is thwarting the entire concept of the Bitcoin (BTC) network and what decentralized finance (DeFi) stands for.
Senator Lummis demands clarity.
Senator Lummis, in particular, has publicly opposed the “unnecessary” and “excessive” actions of the Securities and Exchange Commission (SEC) throughout the last year. Her criticism began in March 2022, when the SEC issued a controversial cryptocurrency policy called “Staff Accounting Bulletin 121.”
She also filed an opinion supporting the Coinbase exchange in its legal battle with the SEC. There she argued that Congress should enact cryptocurrency regulations rather than the SEC. Her reasoning is similar to the SEC’s attempt to go too far by attempting to classify almost all cryptocurrency assets as “securities.” Cryptocurrency-supporting senators believe this is a direct infringement on Congress’ legislative powers.
Overall, Senator Lummis’ goal is to establish clear regulatory guidelines for the cryptocurrency industry. To that end, she recently worked with Senator Kirsten Gillibrand to introduce the Lummis-Gillibrand Act. The bill aims to provide regulatory clarity to properly classify digital assets such as XRP.
Senator Lummis has been a prominent supporter of Bitcoin and the overall cryptocurrency market, but her recent statements are evidence of increasing regulatory pressures around the world.
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