U.S. Senator Cynthia Lummis argued that the Division of Justice’s place on crypto self-custody conflicts with present Treasury steering and breaches the rule of regulation.
Lummis (R-WY) says she opposes the Biden Administration’s criminalization efforts associated to the Bitcoin (BTC) community and decentralized finance (defi).
The Division of Justice’s stance has prompted authorized actions in opposition to cryptocurrency entities, such because the indictment in opposition to Bitcoin mixer Samourai Pockets and Twister Money developer Roman Storm for unlicensed cash transmission.
The cryptocurrency group, led by advocacy teams like Coin Heart, has strongly opposed the DOJ’s interpretation.
“Each functioning cryptocurrency pockets and good contract is doing cash transmission and each developer is engaged in unlicensed cash transmission,” stated Peter Van Valkenburgh, director of analysis at Coin Heart, noting that this stance contradicts FinCEN’s established pointers.
Coin Heart has additionally filed an amicus transient in assist of Roman Storm, asserting that the publication of Twister Money’s code is protected underneath the First Modification.
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